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Sir Keir Starmer had been hoping to use the grandeur of the Guildhall building in London to inspire some of the leading business tycoons to bet big on Britain.
The Prime Minister, speaking in the 15th century ceremonial building, insisted employers and investors had become uncertain about our trajectory, amid political chaos in Westminster under the Conservatives.
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But that uncertainty hasn’t left.
If anything, it has intensified.
Sir Keir Starmer speaking at the International Investment Summit (Image: Getty)
Keir Starmer is battling to get investment into the UK (Image: Getty)
But don’t take my word for it, look at the markets.
Traders have been rattled by the uncertainty hanging over the UK, with Chancellor Rachel Reeves all but certain to clobber businesses with tax rises and change the debt rules to free up the purse strings.
The consequence?
Borrowing costs have increased. And they been rising sharply over the past month, reflecting the concern over Labour’s economic policies and how tax hikes could stifle growth.
The markets are anything but certain about the future under a Labour Government.
And if this doesn’t convince you, the Institute of Directors’ Economic Confidence Index said confidence had fallen to its lowest level since December 2022.
This event, the International Investment Summit, hasn’t been without its controversies so far.
The World’s richest man, who this weekend celebrated his SpaceX company ‘catching’ a rocket booster as it returned to earth, wasn’t invited.
Ministers have dodged questions over Elon Musk’s absence for days.
And then the row over DP World. Sir Keir Starmer had to slap down Transport Secretary Louise Haigh after her comments about the logistics giant nearly torpedoed a planned ￡1bn investment.
Last Wednesday, Ms Haigh described P&O Ferries – a subsidiary of DP World - as a “cowboy operator”.
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But the most telling moment came within an hour of the summit beginning.
Former Google boss Eric Schmidt told the Prime Minister, and delegates: “I was shocked when Labour said it was in favour of growth."
This clearly indicates the view of Sir Keir’s party among many of the biggest businessmen and women.
They are not convinced Labour is the party of growth, despite the Prime Minister’s proclamation that it is his “number one mission”.
The Prime Minister spoke about the need to slash red tape and focused on "an age of great possibility" with a "huge revolution in digital technology, in clean energy, medicine, life sciences, each with a competitive potential to fundamentally change the way we live and the way that we work".
But it is very hard for businesses to get excited when Sir Keir, in the same speech, spoke about the need for “tough love” on the public finances.
And with rumoured tax increases, including in employer national insurance contributions, the cost of business looks set to increase again.
In fact, just hours before her speech at the summit, Chancellor Rachel Reeves said rich Britons will “bear the largest burden” at the Budget at the end of this month.
This is where the reality of today’s event jars with its intention.
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Rachel Reeves' dead hand economics and how she is digging a hole for herself
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Warning over Rachel Reeves' National Insurance worker pension 'tax on jobs'
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Rachel Reeves warned by expert over 'disaster' plans to almost double one tax
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Rachel Reeves planning up to ￡40bn of tax rises and spending cuts in Budget
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Rachel Reeves warned "jobs tax" will destroy business confidence
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National Insurance 'jobs tax' warning as pubs and hotels say they cannot take any more
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Worst 100 days of our lives - no elected PM has made worse start than Starmer!
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Promising the people who you want to invest billions into your economy that there will be “tough love” and that they’ll likely “bear the largest burden” is not a sign that Britain is open for business.
Rather, it is a sign that the unease is here to stay.
And this could lead to investment being taken elsewhere, hitting all of us.