Starmer in push for US investment to ‘turbocharge’ UK economy

The Prime Minister met US business leaders while in New York for the United Nations General Assembly.

The Prime Minister hosted a breakfast meeting with executives in New York (Leon Neal/PA) (PA Wire)

Sir Keir Starmer told US business chiefs he wanted to “turbocharge” the economy as he pushed for extra investment.

The Prime Minister hosted a meeting with executives in New York while he was in the US for the United Nations General Assembly.

He told the chief executives that discussions with business chiefs had helped shape the Government’s policies.

“Because if we can get into the question of what works, what doesn’t work, how to get the economy to really turbocharge, what are the ambitions for investment, that really helps us shape our working,” he said.

The meeting came as investment giant Blackstone confirmed a £10 billion deal to develop Europe’s largest AI data centre in Blyth, Northumberland.

The firm’s president, Jon Gray, was among the executives at a roundtable event hosted by Sir Keir at the UK consul general’s residence overlooking the East River.

Sir Keir, who is embroiled in a row about his use of Labour donor Lord Alli’s penthouse in London, joked to the US business chiefs about the consul general’s residence: “I’d like to pretend this is my apartment to welcome you to.”

Other executives at the event included Adebayo Ogunlesi of Global Infrastructure Partners, Shemara Wikramanayake of Macquarie Group, Robin Vince of BNY, William Huffman of Nuveen, Brian Moynihan of Bank of America, Carlyle Group’s Harvey Schwartz, JPMorgan’s Mary Callahan Erdoes, Citigroup’s Jane Fraser and Brookfield Asset Management’s Hadley Peer Marshall.

The meeting came ahead of the UK’s international investment summit in October, which the Government hopes will attract hundreds of leading chief executives and financiers.

Later on Thursday, Sir Keir will address world leaders at the UN General Assembly.

The gathering of world leaders at the UN comes as the Middle East teeters on the brink of all-out war and conflict rages in Ukraine.

The Prime Minister will use his speech to say the UK is returning to “responsible global leadership” because it is in British interests to address problems around the world.

“War, poverty and climate change all rebound on us at home. They make us less secure, they harm our economy, and they create migration flows on an unprecedented scale,” he will say.

His speech on Thursday follows an intervention at the UN Security Council on Wednesday where he tore into Russia over its actions in Ukraine, saying Vladimir Putin was treating his own citizens as “bits of meat to fling into the grinder” in the conflict.

He said Russia, which like the UK is one of the five permanent members of the Security Council, was behind the “greatest violation of the (UN) charter in a generation”.

“I wonder how Russia can show its face in this building,” he added.

The UN gathering comes as violence in the Middle East continues to escalate, with fighting between Israel and Hezbollah across the Lebanon border and a humanitarian crisis in Gaza.

On Wednesday, Sir Keir told the Security Council: “I’m calling for all parties to step back from the brink, to de-escalate. We need a ceasefire so this can be sorted out diplomatically.”

He added that there can be “no more excuses” from Israel about humanitarian access to Gaza, while Hamas must release the remaining hostages.