UK PM Promises to Scrap Anti-Investment Regulations

UK prime minister, Sir Keir Starmer, has promised to scrap regulation that “needlessly holds back investment” in the UK as he opened a major business summit in London.

Sir Keir told business leaders he wants to “rip out” bureaucracy, and asked the UK’s competition watchdog to prioritise growth.

The boss of US pharmaceutical giant Eli Lilly, David Ricks, told the BBC changes to regulation would encourage his firm to increase investment in the UK.

However, the government is facing a balancing act ahead of the Budget in two weeks’ time having already signalled that some taxes will rise.

On Sunday, Business Secretary Jonathan Reynolds did not rule out an increase in the rate of National Insurance paid by employers.

Labour pledged in its manifesto not to raise National Insurance.

But Reynolds told Sky News: “That pledge – it was taxes on working people so it was specifically in the manifesto, a reference to employees and to income tax.”