There was one glaring omission from Starmer’s ‘back Britain’ summit…

If a promise to light a bonfire of regulations, a speech by the prime minister of the day, and drinks with the monarch were all it took to spark a national economic renaissance, then Britain would have the best investment record in the G7 group of advanced economies. But instead, Britain has the lowest rate of investment in relation to its GDP – and, I’m sorry, but you have to wonder what, if any, lasting difference, the great British International Investment Summit is going to have on the rate of gross fixed capital formation in the United Kingdom. An open letter from big bosses released to the media reminded us all of the real, historic, precious advantages that the UK can still boast about: “Britain’s educational establishments, legal system, financial services sector and language form the bedrock of a strong investment proposition.” There are also some obvious things that the government can and will be doing that will help – stabilising the public finances, relaxing planning rules, easing regulations in finance and pharma, trying to secure cheap green energy, and pump-priming investment from the Growth Fund are all helpful. In other words, a British government that was serious about growth would organise a summit after a radical Budget, one at which it had announced a return to the EU, with whatever protections can be negotiated ; the end to absurdly generous tax concessions on owning your home; reform to the welfare state and care systems that would guarantee space for incentivising risk-taking and enterprise; levies and taxes to pay for a nuclear and renewable energy revolution; deregulating the labour market; further relaxing migration and planning rules; and putting much more money into education. That is something the world’s business leaders might be persuaded to take a punt on – and it would make Britain a happier, wealthier place.