The administration needed to “engage in dialogue” to finalize the significant investment announcement from DP World, which was reportedly jeopardized due to remarks made by the transport secretary.
Speaking on Sunday Morning With Trevor Phillips, Business and Trade Secretary Jonathan Reynolds was queried on how nearly the government was to forfeiting the £1 billion commitment within the London Gateway port.
Mr. Reynolds remarked: “Well, we had to engage in a conversation following the recent press coverage.”
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The £1 billion commitment was reportedly put at risk by the Dubai-headquartered firm DP World – which manages P&O Ferries – after Transport Secretary Louise Haigh labeled the shipping firm as a “rogue operator” and suggested a consumer boycott.
In March 2022, P&O Ferries sparked significant outrage by dismissing 800 UK seafarers and substituting them with less expensive, primarily foreign labor, a decision they claimed was essential to avert the company’s collapse.
Sky News reported on Friday that the £1 billion investment announcement was being re-evaluated – only for it to be disclosed yesterday that it would proceed as intended.
When asked if the announcement – anticipated to be the pivotal commitment of the forthcoming investment summit – was nearly withdrawn, Mr. Reynolds simply stated that it is currently “going ahead”.
The minister also faced inquiries regarding why Tesla and SpaceX creator Elon Musk would not be attending the government’s investment summit.
When pressed multiple times about the absence of the world’s wealthiest individual, Mr. Reynolds indicated he would not comment on a “specific individual,” but emphasized that the event was focused on “who can attract the sort of investments that will have the most substantial impact” – adding that “not everyone can participate”.
The port dispute has overshadowed the investment summit. Pic: PA
Regarding the decision about the London Gateway port yesterday, a spokesperson for DP World stated to Sky News: “After productive and constructive discussions with the government, we’ve received the clarity we required. We are eager to partake in Monday’s International Investment Summit.”
This summit was first announced in August, although its timing has been scrutinized due to its occurrence before the budget on October 30.
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While in opposition, Labour vowed to convene the meeting within the initial 100 days of governance – compelling their hand on the series of events after that deadline was reached yesterday.
Upon confirming the event, the government asserted that “up to 300 industry leaders” would participate to “stimulate investment in the UK”.
They additionally stated that it “would be a celebration of contemporary Britain and would afford global business leaders the opportunity to hear directly from the prime minister and cabinet ministers about how this government intends to foster future investment”.
Reports from the summer suggested that Mr. Musk was not invited due to his contentious social media remarks.
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During the uprisings across the UK following the Southport mass stabbing, he frequently berated Sir Keir Starmer on his social media platform, X.
“I believe no one should visit the UK when they are releasing convicted pedophiles while imprisoning individuals over social media comments,” he stated at one point.
