P&O Ferries withdraws $1 billion from UK investment after Labor cowboy attack

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Keir Starmer's goal of reviving Britain with surging economic growth has suffered a major blow after a $1 billion investment was canceled due to a ministerial mistake.

Dubai-based DP World has withdrawn its planned $1 billion investment in the London Gateway container port on the eve of much-hyped investment talks held by Lord Keirs and Chancellor Rachel Reeves in hopes of kickstarting a new era of growth.

A major port and logistics company has pulled back on investment in a major transport facility in London after Deputy First Minister Angela Rayner and Transport Secretary Louise Haigh criticized the company when the First Minister introduced a new workers' rights package.

In particular, DP World reportedly objected to Hay calling them cowboy operators and threatening to boycott the company in an interview with ITV.

Protesters against job cuts on P&O Ferries in March 2022 (AFP/Getty)

But the blame game erupted, with Downing Street allegedly signing off on the press release in question, while friends in The Hague pointed out that almost every member of the cabinet had attacked P&O over the past two years for sacking and rehiring 800 people. employee. The issue has become a key driver of unions' push to introduce new worker rights and protections announced this week.

There were suggestions that Downing Street may be trying to use Mr Hay as a scapegoat to save Mr Raynor and distract from his own mistakes.

But DP World's decision is a major setback for Labor's growth strategy, which is already struggling to get off the ground.

Senior ministers have privately admitted to The Independent that Sir Keir's government will take different positions depending on whether it generates economic growth.

One member of the Cabinet emphasized: If it's not growth, it's nothing. If we do not achieve economic growth, we are doomed.

The chancellor and chancellor have made clear that hopes for investment in public services depend on ending the slump in the British economy that has plagued the country since the 2008 banking crisis. Ukraine has also snuffed out any opportunities to generate significant growth since then.

But comments by Transport Minister Keirs and the Deputy Prime Minister appear to have exacerbated a series of separate problems that raise serious questions about whether the needed growth can be achieved.

The lawsuit comes less than 24 hours after Mr Reeves was issued a dire warning about the impact of raising capital gains tax to 39% in the October 30 budget. Economists have told her the plan, which would help plug the $25 billion black hole in Labor's spending plan, would jeopardize growth.

Meanwhile, attempts to plug the $22 billion black hole in current spending left by the last Conservative government have seen other measures put economic growth at risk, including the cancellation of a project at the University of Edinburgh that would have helped the UK lead the world in artificial intelligence. .

DP World's announcement was timed to become the centerpiece of Monday's events, an important part of the government's plan to demonstrate its credentials for economic growth.

Deputy Prime Minister Angela Rayner said P&O Ferries had acted outrageously (PA Wire).

However, following Ms Haigh and Ms Rayner's comments about subsidiary P&O Ferries, DP World is now reviewing its plans.

DP World chairman and CEO Sultan Ahmed bin Sulayem also reportedly plans to no longer attend the investment summit, in a blow to Sir Keir.

It comes just days after Mr Haigh's announcement of Labour's workers' rights bill highlighted the plight of 800 UK P&O Ferries staff who have been made redundant, many of whom have been replaced by cheaper foreign workers.

She described P&O as a cowboy operator and called for a boycott of the company.

She added: “The massive looting of P&O ferries is a national scandal that should never happen again.” These steps can help prevent this from happening.

Make no mistake. This is good for workers and good for business. Cowboy operators like P&O Ferries can no longer act with impunity, undermining good employers in the process.

Transport Secretary Louise Haigh said P&O Ferries was a cowboy operator (PA Wire).

In the same press release, Mr. Rayner said: What we saw at P&O Ferries was an egregious example of manipulation by employers, which is why we have taken bold steps to improve job security in the UK.

DP World's decision to divest from the UK comes as a major embarrassment to the government as it seeks to portray Labor as more capable of promoting investment than the Conservatives, with comments first reported by Sky News. no see.

P&O Ferries has escaped criminal prosecution in 2022 over a recorded video message over an incident in which it sacked 786 employees without warning.

The company, which said it needed to act quickly as it was losing 1 million people a day, brought in cheaper agency workers to replace its staff.

A government spokesperson said: We welcome P&O Ferries' commitment to comply with the new Seafarers Act. We are working closely with DP World, who have already made significant investments in London Gateway and Port of Southampton to benefit the UK economy.

Next week, the International Investment Summit will bring together hundreds of global companies to demonstrate that the UK is open for business.

DP World declined to comment.

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