Speech: Prime Minister's keynote speech at the Global Investment Summit: 27 November 2023

Prime Ministers Office 10 Downing Street

November 27
11:57 2023

Watch the PMs speech at the Global Investment Summit

Good morning.

Welcome to Hampton Court Palace and the UKs second Global Investment Summit.

Now, my argument today is that the UK is a modern, dynamic, thriving economy.

And where better to prove those futuristic credentials, than a 500-year-old Palace.

But this Summit is not just a sales pitch for Britain

although youd better believe Im going to give you that.

Its also a chance for us to say: thank you.

Ive spent my career before politics in business and finance.

And so have many of my top team, including the Chancellor.

And we know that its not governments that grow the economy.

Its businesses and investors like all of you.

You create jobs; drive growth; generate wealth

and you even take on some of the biggest social challenges we face.

And it may be unfashionable to say

but I believe that your success is our countrys success.

So I really am grateful to all of you for making time to be here today.

And your presence

your decision to choose to invest in Britain

is a huge vote of confidence in this countrys future.

And I think youre absolutely right to feel that confidence.

Because were setting about to make this best place in the world to invest and do business.

Now I am unashamedly proud of Britain.

Ands theres a growing momentum in the UK right now.

Dont just take my word for it.

PWCs survey of thousands of global CEOs rated the UK the most attractive investment destination in Europe.

And you can see that confidence in the decisions people are making.

Like Tata, BMW, and just last week, Nissan investing billions into automotive and electric vehicles manufacturing.

Or Microsoft, announcing today 2.5bn for critical AI infrastructure

in addition to all the leading AI labs who already have their European offices here.

Or the Ellison Institute of Technology, confirming today a 1bn investment into their new Oxford site..

researching and developing new technologies, including life sciences.

And you can see that momentum too in our commitment to free trade.

In the past year alone, weve secured new investment partnerships with the US, Japan, and South Korea

worth more than 50bn.

Weve become the first European country to join the fast-growing Trans-Pacific partnership

And hugely benefited from the sovereign investment partnership with the United Arab Emirates

deploying over 14bn into the UK in a little over two years.

And all of that is why this country is one of the fastest [for] investment growth anywhere in the G7

Now when I say this country can be the best place in the world to invest and do business

you should believe me and believe me because of three big competitive advantages.

Our low tax approach; our culture of innovation; and our people.

Firstly, tax.

The purest expression of this governments economic philosophy

is that people and businesses make far better decisions about their own money

than any government could.

And I believe that by allowing you to keep more of the return on your capital

our country becomes more competitive as a place to invest, grow, and create jobs.

And make no mistake, we are cutting taxes.

Not only do we have the lowest rate of Corporation Tax rate in the G7.

Last week, we announced that we would make full expensing, permanent.

This means you can write off the cost of many capital investments in full.

It makes our capital allowances regime one of the most generous in the world.

And it was the biggest business tax cut in modern British history.

And thats not all.

Weve got lower capital gains tax rates than France, Germany, Italy, and Japan.

Some of the most generous tax reliefs on stock options anywhere in the world.

And were cutting personal taxes for 27 million working people, too.

But while low taxes are crucial, theyre not enough on their own

to make this country the best investment destination in the world.

Were also creating new ideas

and turning those ideas into the most exciting companies of the future.

And thats the UKs second competitive advantage: our incredible culture of innovation.

Now the story of the United Kingdom has always been about discovery and invention.

Ours is the country of Newton, Faraday, Hodgkin, and Lovelace

of Stephensons steam engine, Darwins theory of evolution

and the world wide web, invented by Tim Berners-Lee

who Im delighted is attending here today.

And that tradition is still very much alive.

With less than 1% of the worlds population, we have three of the worlds top 10 universities.

The third highest number of research publications.

And the second most Nobel laureates of any nation.

And were turning those ideas into incredible businesses, up and down the country.

With more tech Unicorns than any country, bar the US and China.

And more venture capital than France and Germany combined.

Not that Im in any way competitive.

But at a moment like this, when the tectonic plates of technology are shifting

not just in AI, but in quantum, synthetic biology, semiconductors, and much more

we cannot be complacent.

And thats why were investing record amounts of public capital into R&D.

Also Cutting taxes for all of you that are investing in R&D.

And overhauling our listing rules to make it easier for those innovative growing companies to raise capital.

And outside the EU, were delivering agile regulation that is pro-innovation and pro-growth.

So, whether its financial services or life sciences

AgriTech or our creative industries

innovation is the golden thread running through the British economy.

But in the end, the greatest asset to any economy is its people.

And thats the UKs third competitive advantage.

Here at home, were delivering a world-class education system.

Weve already got one of the most highly qualified workforces in Europe.

And just as your businesses are having to adapt to the economy of the future, so our skills policies are evolving too

with our new Lifetime Skills Guarantee, which supports adults to retrain at any stage in their careers

with record funding in vocational training like apprenticeships.

But we dont have a monopoly on talent in this country.

And we recognise that nearly half of our most innovative companies have an immigrant founder.

So if youre an innovator, an entrepreneur, a researcher,

you should know that the most competitive visa regime for highly skilled international talent

is right here in the United Kingdom.

And let me give you just one example:

Our High Potential Individual visa means

That if youre a young person

Whos graduated from a global top 50 university

You can just come to the UK

And stay here, with your family, for two years

To just explore. Work. Study. Invent.

Nothing like that exists anywhere else in the world.

And that tells you everything about our pro-innovation, pro-growth, pro-business philosophy:

So thats the opportunity here in the UK.

Thats why you should believe me when I say

this is the best country in the world to invest and do business.

Because of that unique combination of a competitive tax system

Our culture of innovation

And our people.

Now I know some people look at Summits like this and often theyre all talking shops.

But let me tell you what weve achieved.

This Summit has galvanised new investments in the UK economy

worth a total of [almost] 30bn, over three times as much as the first Summit that was held a couple of years ago.

That will support tens of thousands of new jobs right across the UK.

It will create new growth and new opportunities.

And its a huge vote of confidence in this countrys future.

So, thank you for choosing to be part of that future.

Thank you for everything youre doing for this country.

with your support

we can and we will build an even brighter future

for our children and grandchildren.

Thank you.

Published 27 November 2023

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