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Eric who?: Google’s ex- boss is called ‘Ed’ on an invite
The Government’s flagship investment summit was unravelling this weekend as foreign business leaders shunned the event amid embarrassing glitches.
Chancellor Rachel Reeves is rolling out the red carpet for tomorrow’s gathering of corporate and investment titans, including Larry Fink, boss of US investment group BlackRock. Her hope is they will bring their money to the UK, creating wealth and jobs.
But the conference risks being a damp squib partly due to her Budget later this month, which is set to include higher wealth taxes, including on capital gains, which businesses say will deter investment and stunt growth.
The gathering at the Guildhall in the City has also been dogged by a series of misfortunes that include:
- High profile no-shows;
- Calling one of the world’s most prominent businessmen the wrong name;
- Inadvertently revealing contact details of over 100 guests;
- Sending out-of-office replies to delegates’ urgent questions;
- Minister in charge of overseas investment just sold her business to US private equity;
- Not inviting Elon Musk after the tech tycoon had a social media row with the Prime Minister.
A series of major investments in the UK energy sector was announced ahead of the summit, including plans by Scottish Power’s Spanish owner, Iberdrola, to spend up to £24 billion in the next four years.
But the conference has been dogged by incompetence and mishaps. Jamie Dimon of Wall Street investment bank JP Morgan and Stephen Schwarzman of US buyout giant Blackstone are among the no-shows, while other chief executives are wavering.
Former Google boss Eric Schmidt will be there as a keynote speaker – but his name was given as ‘Ed’ on a media invitation. And with exquisitely embarrassing timing for Labour, a row blew up with ports operator DP World, on the eve of the event, after
Ministers attacked the employment practices of its subsidiary, P&O Ferries.
Some delegates criticised the decision to hold an investment summit a fortnight before the Budget.
‘A number of major investors have postponed making a decision to invest in UK until they see the Budget,’ said Marco Forgione, head of the Chartered Institute of Export & International Trade. Labour did not launch its long-awaited industrial strategy until just before the summit and was also lacking an Investment Minister until the 11th hour.
Darktrace co-founder Poppy Gustafsson was appointed to the role just four days before the event. She recently sold the cybersecurity firm to a US private equity outfit for £4.3 billion.
An email sent in error to a newspaper revealing details of delegates added to the chaos.
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Labour’s flagship investment summit mired in comedy of errors
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