UK races to conclude investment summit

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Elon Musk has hit out at Britain after failing to be invited to the country's international investment summit next month, but the anger of the world's richest man is not the only obstacle organizers will have to contend with.

With less than three weeks left until the Oct. 14 event, officials are finalizing a list of blue-chip sponsors, while CEOs say a lack of details about the conference makes it difficult to commit to attendance.

A selection of Britain's biggest companies have been asked to pay up to $250,000 to support Sir Keir Starmer's pitch to global executives to invest more capital in the UK, according to people approached.

Barclays, HSBC and Lloyds Banking Group each paid about $250,000 to sponsor the summit hosted by then-chancellor Rishi Sunak last year. Banks and other companies were again approached to help cover the costs that would otherwise be borne by taxpayers.

But some potential backers were frustrated by the lack of a detailed agenda and information about what they would receive in return for their investment, people familiar with the matter told the Financial Times.

He said a senior executive from a company approached him about sponsoring the event. How can you commit without even a basic level of detail?

When asked whether he would be willing to spend $250,000 on sponsorship, one business-owned Labor donor said: Doesn't sound like much of an investment to me.

But other potential backers are more optimistic.

Some companies expect to pay as much as $175,000, and one person familiar with the matter suggested prices could be lower this year because the package does not include speaking slots. However, some officials who participated in discussions related to this summit said, “The organizers expect that they will be able to easily raise sufficient funds due to the large number of sponsors.”

The companies did not have details on whether other companies were being offered different sponsorship packages or rates, another person said.

Concerns about the international summit also include its timing. Since Labor has promised to hold the summit within 100 days of taking office, it must be held before the Budget on October 30. This means that chief executives will be discussing the UK's tax plans without knowing anything about them.

With the summit fast approaching, executives remain uncertain about the government's ability to showcase the UK as an investment destination just three months after taking office.

Even if you are not asked to sponsor, there is hesitation among business leaders who are invited. How can you advise a CEO to fly to London on a day when they don't really know what access they will have or what exactly the event entails? I asked a senior corporate figure.

Goldman Sachs President David Solomon also attended Gina Moon/Bloomberg.

Officials hope to finalize the guest list in the coming days. Among the executives attending is Goldman Sachs President David Solomon, but Blackstone's Stephen Schwarzman and JPMorgan's Jamie Dimon have prior commitments and will send senior colleagues instead. Both men have met senior members of the Labor government since the election last July.

Musk, who played a leading role in the last government's AI summit, accessed the social media site X without being invited to the event.

I don't think anyone should go to the UK when they are freeing convicted pedophiles to jail people for their social media posts. Musk referenced the UK's policy of releasing some prisoners early due to capacity issues while convicting those who spread online hate. During the summer riots. The government said people sentenced for sex offenses would not be included in those released.

Organizers are confident they will put on a high-quality event but acknowledge communication with businesses could have been better, a person familiar with the planning said.

Others pointed out that there had been similar gloom before last year's event at Hampton Court Palace, which was ultimately deemed a success by Tory ministers despite some complaints about the venue's cold temperatures.

Former Chancellor Rishi Sunak speaking at the 2023 Global Investment Summit Stefan Rousseau/PA

This year, representatives from large corporations and sovereign wealth funds will attend and the focus will be on attracting a broad range of quality investors, including more San Francisco venture capitalists and Indian investors, people familiar with the plans said.

Most cabinet ministers will attend, he said, adding that Metro mayors will also attend to highlight the government's message on regional growth.

Additional information has been sent to invitees this week and the day is set to include a plenary meeting with Starmer and Prime Minister Rachel Reeves. The ministers will then lead groundbreaking discussions on topics such as artificial intelligence, technology, the green transition and how businesses can participate in health care reform, officials said. The focus of the program will be on key sectors and investment impediments rather than taxes.

A government spokesperson said: The International Investment Summit will make clear that the UK is open for business and we are on track to deliver an ambitious program that will be attended by hundreds of attendees representing the best businesses from around the world.

Additional reporting by Akila Quinio

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