Rishi Sunak chooses 16th-century palace Hampton Court to host business summit aiming FDIs
ALSO READ: Jeremy Hunt says UK economic growth forecast downgraded in blow to Rishi Sunak government Earlier in May, French President Emanuel Macron won 13 billion euros ($14.2 billion) of commitments at an event in the glittering Versailles palace, and for Sunak to emulate it, he will urge his business audience to show similar faith in Britain. Though they may take some persuading.
From its rate of corporation tax, its net zero timetable, a major high-speed rail project, and its offshore and onshore wind policies, Britain has changed course on key policies. Few executives say the country, long a magnet for FDI, has taken them for granted.
While others say that they struggled to navigate the country's "slow and cumbersome" system. "The UK has diminished in its ability to attract capital in a variety of sectors," said Jack Paris, the head of InfraRed Capital Partners.
"Things like tax deductions, subsidies: they have to work hand in hand to attract private capital," Paris told Reuters, adding that his firm was being cautious about investing in a heating and energy efficiency venture in Britain pending clarity over-regulation. British finance minister Jeremy Hunt on Wednesday announced long-term tax incentives to boost business investment - key to speeding up the slow economy - and backed proposals to provide more support for foreign firms seeking to invest in the country.
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