In his speech at the International Investment Summit 2024, Prime Minister Keir Starmer outlined an ambitious vision for the UK's economic future, with the aim of making the country the fastest growing economy in the G7. The minister also announced that his government will take steps to remove regulatory barriers to the development of offshore wind energy projects. In a speech to international investors, Starmer underlined his commitment to cutting red tape that hinders key renewable energy projects, citing the East Anglia 2 wind farm as an example. The £4 billion project was delayed for two years due to a judicial review after more than 4,000 planning documents were submitted.
Starmer stressed that clean energy is essential for the UK's economic growth, emphasising that his government will take decisive action to modernise the regulatory system and attract more foreign investment, saying that excessive bureaucracy is affecting the country's competitiveness and discouraging investors. "It’s time to upgrade the regulatory regime and make it fit for the modern age," Starmer said, adding that economic and competition regulators should prioritise growth in their decision-making.
The Starmer government has also lifted the ban on onshore wind projects and plans new investments in solar energy, tidal power, and carbon capture and storage. These efforts are part of a broader strategy to position the UK as a global leader in clean energy, in line with its ambition to become the fastest-growing economy in the G7.
This speech reinforces the government's stance on fostering an environment conducive to investment, with a focus on strategic deregulation to enable sustained growth in key sectors such as energy, technology and infrastructure.
LIVE: Keir Starmer’s speech at the International Investment Summit https://t.co/zVjxu5Jyyd
— Keir Starmer (@Keir_Starmer) October 14, 2024
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