UK to host Global Investment Summit in November

The UK will host a global summit aimed at attracting fresh investment to revive the country’s struggling economy in November, following an apparent delay.

No 10 said ministers would be seeking to either match or surpass the £9.7 billion raised at the 2021 event, bringing together chief executives and corporations from around the world.

Rishi Sunak previously announced the summit would take place in October but he confirmed during a Cabinet meeting on Tuesday that a date had instead been fixed for November 27.

The venue has not yet been disclosed.

Giving an account of the Prime Minister’s remarks to Cabinet, his official spokesman said: “The Prime Minister confirmed that the UK would host a second Global Investment Summit (GIS 23) on Monday November 27, building on the legacy of the first summit in 2021 which raised billions in new investment and created thousands of jobs across the country.

“GIS 23 will bring together some of the world’s leading CEOs and investment corporations with top British businesses and talent to showcase why the UK continues to be the best place in Europe to invest and do business.”

Mr Sunak views the event as a “key milestone” in efforts to deliver on his priority to grow the economy and level up across the country, the official said.

It comes as new forecasts suggest the UK is set to see the highest inflation rate in the G7 this year.

The Organisation for Economic Co-operation and Development (OECD) also reduced its growth forecast for Britain for next year amid pressure from higher interest rates.

On Tuesday, the OECD said it expects UK inflation of 7.2% for 2023, increasing its previous forecast of 6.9% from June.

This would be the fastest rate across the G7 and third fastest across the G20.

Mr Sunak made it one of the key priorities of his leadership to halve inflation by the end of the year.

Downing Street said on Tuesday he remained confident in his ability to deliver the pledge despite the new predictions.

It argued the OECD outlook did not factor in recent revisions made by the Office for National Statistics, which suggest Britain’s economy recovered from the effects of Covid quicker than peers including France and Germany.

UK gross domestic product (GDP) increased by 0.5% in June but then contracted by 0.5% in July, marking the heaviest decline since December, official figures show.