Labour’s International Investment Summit: Setting the Stage for the Next 100 Days
Image: Prime Minister Keir Starmer hosts the UK International Investment Summit at Guildhall. Credit: Simon Dawson / No 10 Downing Street
by Michelle Kazi
The UK government’s International Investment Summit on 14 October 2024 marked a pivotal moment, securing a record-breaking £63 billion in private investments and nearly 38,000 jobs. Prime Minister Keir Starmer emphasized that economic growth is central to the government's mission, with significant investments across sectors like tech, renewables, and life sciences. This represents a vital step in the UK’s ambition to lead the G7 in economic growth.
Key investments included £6.3 billion for AI-enhancing data centres, £24 billion by Iberdrola for renewable energy projects, and £1.1 billion from Manchester Airports Group to expand Stansted Airport. These moves highlight the government's commitment to creating a pro-business environment, reducing regulatory barriers, and supporting long-term industrial strategy.
For the fashion and creative industries, this summit signals an optimistic future. The focus on investment and innovation is crucial for our sector, which relies heavily on global collaboration, tech development, and creative growth. With new investments into data centres and AI, we can anticipate advances in fashion technology, boosting design, retail, and manufacturing processes. Furthermore, by increasing confidence in the UK’s economy, this summit has the potential to draw more international attention and investment into our sector, particularly through sustainable fashion and innovative retail solutions.
As the Prime Minister declared, "It’s time to back Britain." For the fashion industry, this is an opportunity to harness the momentum of government-backed growth and innovation, pushing for policies that promote sustainability, international mobility, and support for the creative economy. Here's to a future where the fashion industry thrives alongside the broader UK economy.