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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. We are delighted to

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Speaker 1: have the Prime Minister Sekir Starmer with us at the

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Speaker 1: International Investment Summit here in London. Prime Minister, in your

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Speaker 1: speech earlier today to the summit, you vowed to do

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Speaker 1: everything in your power to galvanize growth in the UK.

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Speaker 1: But if you look at the sharp decline in business

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Speaker 1: and consumer confidence since you were elected, since you started

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Speaker 1: talking about all the tough times ahead, the tax rises ahead,

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Speaker 1: you'd be forgiven for thinking you'd done the opposite to growth.

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Speaker 1: So I guess I'm wondering are you feeling now you

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Speaker 1: might have overdone all of that of it?

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Speaker 2: Well, today was very much a statement of intent to

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Speaker 2: say very clearly that economic growth is the number one

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Speaker 2: mission of this government and that means that we're open

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Speaker 2: for business as a country. We want to drive that

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Speaker 2: investment into our economy and we want to see that

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Speaker 2: in jobs, secure jobs, in different parts and all around

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Speaker 2: the United Kingdom. So that's very much the message from today.

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Speaker 2: There's been a drumbeat of inward investment over recent weeks,

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Speaker 2: which I think demonstrates that although yes, of course we've

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Speaker 2: had to signal that there are tough decisions to make

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Speaker 2: because of the damage that's been done to our economy.

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Speaker 2: We've just got to be straight with people about that.

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Speaker 2: We do have amazing assets in this country in terms

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Speaker 2: of our skills, our people, our universities, our cutting edge

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Speaker 2: when it comes to technologies like AI, for example, and

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Speaker 2: that's why making that really clear statement of intent today

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Speaker 2: was very important. And I think quite a lot of

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Speaker 2: the inward investment decisions we've seen running into tens of billions,

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Speaker 2: are indication, if you like, of the approach that we're

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Speaker 2: taking in partnership with the investors and the businesses, many

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Speaker 2: many of whom are here today.

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Speaker 1: I mean, one of the things that you've been clear

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Speaker 1: about was that tax and the chances has been clear

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Speaker 1: about is that difficult decisions will be needed. Tax increases

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Speaker 1: will be needed to pay for that investment in public

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Speaker 1: services that people are expecting. And given all the taxes

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Speaker 1: that you've ruled out, there's a lot of concern here

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Speaker 1: in the business community about increases in capital gains tax

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Speaker 1: and in wealth tax. Now, I know you're not going

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Speaker 1: to want to go into the details of the budget,

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Speaker 1: but are you reassuring the investors here that they have

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Speaker 1: nothing to worry about on that score.

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Speaker 2: Well, I'm not going to get into the details of

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Speaker 2: the budget. You wouldn't expect me to, but neither I'm

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Speaker 2: going to shy away from the fact that we've got

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Speaker 2: difficult decisions to make. The last government left a twenty

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Speaker 2: two billion pound black hole and we're not going to

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Speaker 2: walk past that. We're going to have to deal with it.

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Speaker 2: So that'll be tough. But what have been able to

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Speaker 2: be very clear with investors and businesses is because growth

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Speaker 2: is the number one mission, then decisions, whether it's on

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Speaker 2: the budget or anything else, will be determined by whether

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Speaker 2: they help growth or not. So that's the lens through

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Speaker 2: which we're seeing this. But I have to say the

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Speaker 2: discussion here we've had intense discussions all day long last

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Speaker 2: night as well, with a number of people in the

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Speaker 2: room that we've got to know over the last two years,

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Speaker 2: so this isn't the first time we're meeting. All of

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Speaker 2: the discussion today has not actually been about tax It's

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Speaker 2: been about planning. It's been about the regulatory environment. It's

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Speaker 2: been about getting infrastructure moving much more quickly, and the

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Speaker 2: sort of apparatus of government working to that common end.

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Speaker 2: That's the real discussion that's going on here, that's the

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Speaker 2: real focus. And actually, contrary to perhaps what people might think,

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Speaker 2: tax is not the first thing that businesses and investors

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Speaker 2: are raising with me. The first thing they're raising with

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Speaker 2: me is is it really your number one mission? Is

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Speaker 2: it going to be stable and strategic and for the

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Speaker 2: long term, to which the answer is yes, And are

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Speaker 2: you prepared to do the tough things on execution and

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Speaker 2: the deliverables, which is about the length of time it

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Speaker 2: takes from investment decision to actually seeing a project materialized.

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Speaker 2: That's where I think we've been able to do a

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Speaker 2: lot of reassurance say yes, we understand that, and we're

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Speaker 2: determined to do the follow through on growth that is

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Speaker 2: desperately needed for investors, for our country, and for the

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Speaker 2: jobs of the future.

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Speaker 1: But forgive me prominison. But I think a lot of

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Speaker 1: people they may not be talking about it to you,

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Speaker 1: but a lot of people are worried. In this sort

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Speaker 1: of vacuum that we've had quite a long wait for

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Speaker 1: the budget, there's quite a lot of what might be

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Speaker 1: might be just crazy speculation around where capital gains tax

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Speaker 1: might go. For example, so something like a thirty nine

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Speaker 1: percent rate. Can you reassure people that whatever the change is,

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Speaker 1: it won't be anything that significant.

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Speaker 2: Quite a lot of speculation is getting pretty wide of

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Speaker 2: the mark.

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Speaker 1: But so you say thirty nine is wide of the.

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Speaker 2: Mark, it's getting to the area which is wide of

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Speaker 2: the mark. But I'm not going to fuel the speculation

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Speaker 2: because we can go on like this for a very

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Speaker 2: long time until budget day. Everybody knows until budget day

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Speaker 2: none of that is going to be revealed. It was

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Speaker 2: important that when we came into office, into government, we

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Speaker 2: looked at the books, we assess the state of the economy.

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Speaker 2: We needed to understand the damage that's been done and

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Speaker 2: that twenty two billion pound black hole is a real

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Speaker 2: problem that we've got to deal with and make sure

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Speaker 2: that we go through all the processes necessary for a

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Speaker 2: properly thought through budget. So that's why we put the

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Speaker 2: timing as it is. It's the right timing. But equally,

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Speaker 2: it's been really fantastic to have this investment summit just

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Speaker 2: a few weeks before the budget, where the mood music

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Speaker 2: here is very upbeat. People are talking about a real

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Speaker 2: opportunity now to invest in the UK, comparing it as

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Speaker 2: a relative advantage across the world. We want to seize

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Speaker 2: that opportunity and take it forward with many of the

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Speaker 2: investors that are here.

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Speaker 1: You're looking at the books, but obviously people are also

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Speaker 1: just sort of checking when they think about I know

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Speaker 1: you're not going to reveal what's in the budget, but

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Speaker 1: when they're thinking about what you've committed to and what

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Speaker 1: you've not committed to, For example, the pledge not to

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Speaker 1: increase natural insurance contributions. Most people I talk to think

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Speaker 1: that if you increase the employer side of that, the

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Speaker 1: employer contribution, that would be breaking that pledge. Can we

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Speaker 1: without getting into the budget, can I just check that

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Speaker 1: is your understanding that that would be breaking that pledge.

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Speaker 2: Well, you're saying, without getting gainst the budget, they're tempting me, Well,

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Speaker 2: it's just your pledge. We make commitments in our manifesto,

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Speaker 2: and we intend to deliver on those commitments. Beyond that,

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Speaker 2: I'm afraid you'll have to wait for the budget for

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Speaker 2: the details. For very obvious reasons. We're still weeks away

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Speaker 2: from the final assessment in the budget.

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Speaker 1: I guess that what feel you said, it's the right

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Speaker 1: timing for this summit. It does feel a bit odd

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Speaker 1: that for those people in the room, people who are

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Speaker 1: doing deals today. You can't promise them that the basic

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Speaker 1: tax environment for entrepreneurship, for business, for wealth in a

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Speaker 1: couple of weeks time won't be completely different.

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Speaker 2: Well, they're very interesting that corporation tax is CAPPS. They

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Speaker 2: know exactly where that is in the long term. They're

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Speaker 2: very interested in the fact that we're able to say

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Speaker 2: that because we've got a good strong majority in government,

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Speaker 2: we're able to make decisions based on years, not months,

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Speaker 2: with a clear strategy. They're very, very interesting when I

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Speaker 2: talk to them about being a mission driven government, a

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Speaker 2: government with a real sense of purpose measured over years,

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Speaker 2: with one central purpose, which is wealth creation translated into

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Speaker 2: jobs in different parts of the United Kingdom. That's the

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Speaker 2: sort of stability that they're looking for, and that's the

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Speaker 2: conversations we're having. They're very pleased to hear that from

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Speaker 2: a government. I'm very pleased about the clarity. There's no

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Speaker 2: end of people here today have said the clarity of

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Speaker 2: the message is really welcome. It's now the follow through,

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Speaker 2: which is actually the execution of it. What are you

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Speaker 2: prepared to do when it comes to planning, What are

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Speaker 2: you prepared to do. When it comes to regulation, it's

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Speaker 2: not just the number of regulations, it's the inconsistency of

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Speaker 2: regulation that we need to deal with. And when I'm

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Speaker 2: able to say with real confidence and certainty and clarity, yes,

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Speaker 2: we're going to deal with it, that leads the decisions,

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Speaker 2: in my view, to make the sort of investment that

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Speaker 2: we've seen in recent weeks, which is very welcome. These

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Speaker 2: are not just big numbers, although they are big numbers,

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Speaker 2: they translate into jobs around the United king good, well paid,

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Speaker 2: secure jobs, and that's the change we promised at the

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Speaker 2: election and the changes that I'm determined to deliver on.

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Speaker 1: So you talked about mission led government and ethics led

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Speaker 1: government's obviously been a feature. You had a sort of

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Speaker 1: unfortunate slip on the way to this summit involving DP world,

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Speaker 1: which I'm not going to go into your big glad

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Speaker 1: to note, but there is another company, Sheen, which was

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Speaker 1: considered to be such a rogue operator in the US

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Speaker 1: that it hasn't been able to list on the US

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Speaker 1: stock market. It was too controversial its working practices. But

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Speaker 1: it seems that your government is continuing this sort of

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Speaker 1: open arms policy for wanting Sheen to list here. Is

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Speaker 1: that right?

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Speaker 2: Well, I think we've got to get the ballots right

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Speaker 2: and clearly we've got to have standards, high stands. We

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Speaker 2: do have high standards, not least for example in rights

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Speaker 2: at work, and I address that in my speech here

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Speaker 2: today to say look better rights and protection for people

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Speaker 2: in their workplace are good for growth. So we're clear

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Speaker 2: where we stand on standards, but we're future looking, we're

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Speaker 2: pragmatic and subject to those standards. Then, yes, we do

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Speaker 2: want investment into the United Kingdom because we desperately need

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Speaker 2: growth in this com We have had meaningful growth in

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Speaker 2: the economy in the United Kingdom for fourteen long years.

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Speaker 2: We're determined to turn that around.

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Speaker 1: Just to be clear on that, so the government would

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Speaker 1: need to be sure that sheeds not using forced labor

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Speaker 1: in Hinjang before it could list in the UK.

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Speaker 2: I'm not going to get into individual businesses. What I

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Speaker 2: will say and be very clear about it, standards and

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Speaker 2: high standards do matter to us, So of course we'll

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Speaker 2: be looking at any issue that goes to high standards,

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Speaker 2: with a particular feature on the rights of the workforce.

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Speaker 2: We've been really clear that we see that as two

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Speaker 2: sides of the same coin when it comes to growth,

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Speaker 2: good employment, rights and protections or drag on growth. They're

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Speaker 2: fundamental for growth, and I think pretty well all good

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Speaker 2: businesses understand that, which is why in many cases they've

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Speaker 2: already put in place some of the rights and protections

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Speaker 2: that we are bringing forward in legislation on China.

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Speaker 1: And you had an interesting conversation with there it this

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Speaker 1: morning that touched on China. I'm interested. You know, right

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Speaker 1: now we have the Chinese Army holding drills around democratically

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Speaker 1: governed Taiwan, which they admit are a rehearsal or a

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Speaker 1: practice for a full naval blockade of this place that

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Speaker 1: produces most of the high quality advanced chips in the world.

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Speaker 1: I'm just wondering. I mean, we have the Foreign Secretary

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Speaker 1: on his way to Beijing later in the week. Do

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Speaker 1: you worry about the timing? Do you worry about the

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Speaker 1: signal that sends on a week that the army is

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Speaker 1: literally practicing potentially an invasion or a blockade of Taiwan.

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Speaker 2: Well, the approach I'd take is this that national security

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Speaker 2: has to come first, so that's the number one priority,

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Speaker 2: and therefore, of course we challenge where it's necessary to

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Speaker 2: do so, but we're also pragmatic and we want our

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Speaker 2: country to move forward and to succeed, so challenge where

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Speaker 2: it's necessary, but there are areas.

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Speaker 1: Necessary when they're really well.

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Speaker 2: We have kind of practice challenged. We do challenge, I

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Speaker 2: myself spoke to the President. We do challenge where it's

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Speaker 2: necessary to do so. But you know, we are pragmatic

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Speaker 2: as well, and we need to make sure that we

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Speaker 2: get that balance right when it comes to our relation

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Speaker 2: with China.

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Speaker 1: I mean, just to follow up on that. When you

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Speaker 1: say pragmatic, it feels like you're going to be more

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Speaker 1: pragmatic than the previous government. They ceased into that sort

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Speaker 1: of major economic cooperation, the dialogues, other things. When China

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Speaker 1: imposed the National Security Law on Hong Kong. Are we

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Speaker 1: sort of officially saying we're over that now. Well, I

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Speaker 1: think the.

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Speaker 2: Problem with the last government is they veered from one

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Speaker 2: side of the road to the other side of the

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Speaker 2: road and then back again, and that just led to

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Speaker 2: a pretty chaotic approach. I think everybody understands the national

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Speaker 2: secuity first approach that we must take and will take.

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Speaker 2: Everybody understands that we do challenge where it's necessary to

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Speaker 2: do so, but equally when it comes to I don't know,

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Speaker 2: for example, climate change, we're going to have to work

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Speaker 2: with countries like China because it's the only way that

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Speaker 2: we can all go forward.

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Speaker 1: Prime Minister, we've run out of time, but thank you

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Speaker 1: very much for Johnny's good luck with the rest of

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Speaker 1: the summer.