Top business chiefs will flee UK if Keir Starmer wins, claims Kemi Badenoch

Kemi Badenoch says ‘we cannot stand still’ on UK investment

Top Tory Kemi Badenoch has said business leaders voiced fears about a potential Labour government while she hosted the Global Investment Summit.

Ms Badenoch, the Business and Trade secretary, said the UK had “smashed” its investment target from the get-together, more than tripling 2021’s £9.5billion raised to £29.5billion.

However she claimed she had been saddened to hear from some investors at the London summit that they are planning to move their headquarters out of the UK if Labour win the next General Election.

She claimed: “They tell me Labour relentlessly talk down the UK economy.

“Our future is bright! We must not let Labour ruin it.

READ MORE: Kemi Badenoch blasts ‘doom-laden nonsense’ about Brexit Britain

“Labour merely tolerate business; Conservatives understand that government needs to create the conditions for economic growth.

“But it is business, not government that creates wealth, growth and productivity.”

Ms Badenoch also compared Labour to “one of those candidates on The Apprentice who get fired early on”.

“All big talk and no substance…”

Ms Badenoch also appeared to take a swipe at her predecessor Liz Truss, who served as Trade Secretary from 2019 to 2021.

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Ms Truss was a fan of “photo opportunities” while undertaking the job.

Ms Badenoch said that as Trade Secretary she insists “that every overseas meeting delivers a tangible benefit for UK citizens”.

She said: “They are not photo ops. We serve you.”

She cited the Australia-based pensions fund Aware Super, whom she met in Sydney in July.

Aware Super used the Global Investment Summit yesterday to announce a new £5billion investment in UK housing and infrastructure.

Among those contributing to the new £29.5billion extra investment, confirmed yesterday, are:

  • £7billion in UK renewables by Spanish firm Iberdrola
  • £1billion from German firm BioNTech for new labs in Cambridge
  • £2.5billion from Microsoft for AI infrastructure
  • £1billion from YONDR for a data centre in Slough
  • £1billion from Ellison Institute of Technology for research and development

The Business Secretary said the new investment will lead to over 12,500 new UK jobs.

She also made a jibe at neighbouring France, pointing out the summit raised “over double” what the country’s equivalent recent summit did.

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