British PM says UK economy starting to turn around
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British PM Keir Starmer said that he hoped to establish better trading relations with the US.
PHOTO: REUTERS
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LONDON – British Prime Minister Keir Starmer said the UK economy is starting to turn around as he sought to reset his government’s relationship with businesses after a torrid first six months in power for the Labour Party
“We have to get our economy working. I think we’re beginning to see how that’s turning around,” Mr Starmer said in an interview with Bloomberg TV on Jan 28. “The No. 1 priority of this Labour government is growth: growth, growth, growth.”
He indicated he wanted a better trading relationship with the US
The premier gave his interview after hosting chief executives of some of Britain’s biggest firms at Bloomberg’s London headquarters. He and British Chancellor of the Exchequer Rachel Reeves unveiled plans to allow companies to invest pension fund surpluses in order to unlock billions of pounds in a bid to drive economic growth.
Those in attendance at the breakfast meeting included Lloyds Banking Group chief executive Charlie Nunn, Nationwide Building Society chief executive Debbie Crosbie, BAE Systems chief executive Charles Woodburn and Tesco chief Ken Murphy. Other companies represented included Sage Group, Taylor Wimpey, BT, Unilever and Vodafone Group
Mr Starmer earlier told the breakfast meeting that expanding the economy is his administration’s “No. 1 mission” and that ministers are “hardwiring growth into all the decisions of the Cabinet”. To achieve that, the British Prime Minister said it was necessary to work in partnership with the private sector.
The government has “heard loud and clear” corporate criticisms that there is too much regulation, and the rules themselves are not “consistent”, he said.
He added that artificial intelligence will be a “game-changer” for the economy, and that he views it as a project of his office
He closed his remarks with a pledge to look at labour market inactivity that has beset the British economy, saying “far too many people” are out of work, including a “huge number” of young people.
Ms Reeves also addressed the business chiefs, saying she is “trying to remove those things that have been barriers for too long”, a strategy demonstrated by the government’s willingness to seek closer ties with China, as well as with British allies in the European Union and US.
“People I met in Davos and China have got decisions to make about where to deploy their capital,” she said. “We want them to choose Britain.” BLOOMBERG
