Starmer: UK will be 'open for business' under Labour

Labour's leader, Sir Keir Starmer, volition archer concern leaders successful Davos, that a Labour authorities would bash much to gully overseas concern into Britain, particularly successful "green industries".

Sir Keir, attending the World Economic Forum meeting, said Labour would propulsion to "bring planetary investors back".

He said overseas concern had declined sharply nether the Conservatives.

His predecessor, Jeremy Corbyn, shunned the elite gathering, which helium described arsenic a "billionaires' jamboree".

But Sir Keir and shadiness chancellor Rachel Reeves, who is besides attending the gathering of politicians, concern radical and different influential figures, person taken a overmuch much pro-business stance.

Ms Reeves said Labour would "work successful concern with business" to boost investment.

"With Labour successful government, Britain volition beryllium unfastened for business," said Ms Reeves.

Labour wanted to guarantee the UK was "a satellite person successful the clime transition", she added.

Foreign nonstop concern (FDI) involves wealth flowing into the UK from overseas, for illustration erstwhile a overseas steadfast buys a British factory, oregon opens a subdivision successful the UK. It tin make jobs and boost maturation and productivity.

Labour said that overseas concern successful the UK had declined portion the Conservatives person been successful powerfulness since 2010, citing United Nations figures.

Between 1997 and 2010 the UK accounted for 8% of satellite FDI, but that fell to 4% betwixt 2010 and 2021, the figures show.

In 2021, UK FDI accounted for 1.7% of satellite FDI, the lowest since records began.

Labour has been determined to burnish its pro-business credentials nether Sir Keir, including courting the financial assemblage astatine Canary Wharf and promising to amended trading relations with the EU.

Meanwhile, the UK authorities volition beryllium represented astatine Davos by Business Secretary Grant Shapps and International Trade Secretary Kemi Badenoch.

Mr Shapps tweeted a video of himself connected Wednesday saying alongside his lukewarm overgarment for Davos, helium would beryllium packing a "vision for however we standard up Britain" arsenic the champion spot to commencement and turn a business.

He highlighted a survey conducted by accountancy steadfast PwC, published this week which suggested that Britain was the 3rd "most important" spot successful the satellite for businesses to invest, down the US and China

A spokesperson for the Treasury said: "As a cardinal portion of our program to turn the system we are supporting concern investment, including by permanently mounting the Annual Investment Allowance astatine its highest ever level of £1m from April, and done our generous £13.6bn bundle of concern rates support."

The concern allowance allows businesses to offset concern against their taxation bill. The authorities announced the other enactment for businesses that wage rates successful its Autumn connection past year.