UK Prime Minister Keir Starmer vows to slash regulatory red tape in bid to boost investment

LONDON — U.K. Prime Minister Keir Starmer on Monday vowed to slash regulatory red tape to boost anemic investment in the country.

"We've got to look at regulation across the piece, and where it is needlessly holding back investment ... mark my words, we will get rid of it," he told delegates at the government's inaugural International Investment Summit, held at London's Guildhall.

"It's time to upgrade the regulatory regime. We will rip up the bureaucracy that blocks investment," he added.

The prime minister restated that growth was the "No. 1 test of this government," and reiterated plans for the U.K. to become the fastest-growing G7 economy.

Starmer also outlined stability, strategy, regulation and improving Britain's global standing as "four crucial areas" in his pitch for Britain.

"Private sector investment is the way we rebuild our country and pay our way in the world," Starmer said.

Labour has been attempting to paint a more positive picture of the economy after being accused of doom-mongering in its early months in office. It is also seeking to position itself as a reliable partner after years of upheaval — including Brexit — a slew of prime ministers and a bond market selloff.

Opening the summit, Business Minister Jonathan Reynolds heralded a "new era of stability, of openness, [and] of commitment to use our mandate" to remove barriers to business.

The government on Sunday announced the launch of a new industrial strategy, designed to focus on eight "growth-driving sectors." Those include the creative industries, financial services, advanced manufacturing, professional services, defense, tech, life sciences and clean energy industries. 

This is a breaking news story. Please check back for updates.