LONDON: British Prime Minister Keir Starmer promised on Monday to scrap regulation that holds back economic growth as he hosted some of the world’s biggest businesses at a conference designed to woo international investors.

Starmer’s Labour Party came to power in July, pledging to end years of political instability and win back the faith of private investors to reinvigorate the UK’s run-down infrastructure and public services.

But many investors remain cautious about Britain, complaining that it takes too long to build anything.

The new government, which has had a rocky start, told investors it would streamline planning to accelerate building, overhaul regulation to promote innovation and deliver cheap, clean energy.

In an attempt to outshine rival governments competing for investment, it will later host executives from the world’s biggest banks, investment groups and insurers at St Paul’s Cathedral with King Charles and a performance by Elton John.

“We are determined to lead the way on growth,” Starmer told the summit at London’s Guildhall. “Determined to get Britain building. Determined to get our economy moving.”

Britain had been one of the most popular destinations for international investment until the 2016 vote to leave the European Union triggered uncertainty over its future trading rules, and a lengthy period of political instability.

According to Reuters calculations, the value of foreign direct investment inflows as a percentage of Britain’s economy hit a nine-year low of 2.7% in the second quarter of 2024.