General electionJun 17 2024

Labour pledges to hold global summit for investment in UK

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Labour pledges to hold global summit for investment in UK
Rachel Reeves said the Treasury would be a department for growth. (FT)

Labour has pledged to hold a global summit to secure investment into the UK. 

Shadow chancellor made the promise that if elected on July 4, the party would hold the summit in its first 100 days in office. 

She was expected to sit down with senior business leaders at a meeting of her new “shadow” British Infrastructure Council today (June 17), Reeves told the Financial Times. 

In the same interview, she revealed her plan for the summit, where foreign investors would be invited to see what the UK has to offer. 

She said: "It’s not just inviting businesses in for a summit, but really bringing them into the centre of government.

"I want to make the Treasury not just a tax-and-spending department but a department for growth."

On Radio 4's Today Programme this morning Labour MP Jonathan Ashworth claimed using public sector money would leverage growth in the private sector. 

The party announced its 2024 manifesto last week, which included a review the pensions landscape and increase investment from pension funds in UK markets.

Labour leader, Keir Starmer, said the party's top priority will be wealth creation. 

He said: "I make no apologies for ruling out tax rises for working people," said Starmer. 

"I don't believe it is fair when they are already paying this much, especially during a cost of living crisis."

Tax changes already announced, such as VAT on private school fees and closing loopholes in the non-dom tax status, were set out in the manifesto. 

This weekend, Starmer was also forced to rule out increasing capital gains tax on people's primary homes after pressure from the Conservative Party.

tara.o'connor@ft.com

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