be even fund investments can be even more catalytic. it will work with industry partners including our metro mayors to identify innovative transactions we will bring forward legislation to give a broader mandate, extending beyond infrastructure so it aligns with the new industrial strategy. the national wealth fund will also work alongside the uk's existing structures for better investment. the british business bank deployed three and a half billion pounds to support businesses last year. we need innovative vehicles that go further and faster. to leverage investment from new sources like our pension funds, and to improve returns for savers and help our most exciting businesses to grow. if we want businesses

here, notjust as start—up, but to scale up, we need to unlock long—term capital from to scale up, we need to unlock long—term capitalfrom private long—term capital from private investors. long—term capitalfrom private investors. to do that we cannot just rely on old methods. today we are setting out our plans for the british business bank to take a more innovative approach through a new pathfinder, british growth partnership. this will create a new vehicle to pension funds and institutional investment into venture capital funds and innovative businesses. the british business bank is aiming to raise hundreds of millions of pounds and to make long—term investments on a fully commercial basis by the end of 2025. the government will invest, alongside the private sector, the crowd in funding to ensure the british growth partnership delivers on this government's objectives. to increase capital for companies, deliver better outcomes for

savers and to boost economic growth. when we said that this government would end instability, when we said that we would make growth our national mission, and when we said that we would enter a true partnership with business we meant it. in the last 100 days we have put unlocking private investments at the heart of everything that we do. and today we have set out more than £60 billion of shovel ready investments right across our country. those are just numbers on a spreadsheet. it means new high skilled jobs from aberdeenshire in scotland to blyth in northumberland, to erin in north wales and many more places in between. with announcements on our new industrial strategy. a new investment minister, the creation of a national wealth

fund and an innovative british growth partnership. we are delivering on our growth mission hand—in—hand with business. the decisions that lie ahead will not always be easy. but by making the right choices to grow our economy, to drive investment, we will create good jobs and new opportunities across every part of our country. that is the britain we are building and thatis britain we are building and that is the difference that we will make together. thank you so much for being part of it today. applause you are listening to the chancellor rachel reeves addressing the government's investment summit. she said there would be £60 billion of investment coming out of the summit from a number of companies. she said that was a sign of confidence in the uk economy and would help to create newjobs. she also said that it was important to

balance the books and she recognised that. she said there would be discipline on spending and an investment that is sustainable. she talked about providing certainty for businesses so they can invest with confidence. let's speak to our political correspondent, helen catt. 0ne one of the parts of the speech was talking to investors in saying that they can trust us and that they should invest. this is the point of this international summit they are hosting here today, that labour has been wooing business for some time before they got into power and part of their refrain has been that they are reassuring business that the uk is a good place to invest. that is a good place to invest. that is what we had from rachel reeves there. a lot of talk about stability. it is something we heard keir starmer talk about several times in his speech this morning about restoring stability, as they put it. she also spoke a little bit about her upcoming budget which is the backdrop to all of this which is due to be delivered in a couple of weeks�* time. she talked about it

needing discipline in spending, about having a balanced approach. she also said that concluded around business taxation. she repeated that pledge that the government has made before about keeping corporation tax at 25% for the duration of this parliament. it talks about trying to get some certainty there. that is the context of this whole investment. we have the budget coming in a couple of weeks so a lot of this is about reassuring business that investment in the uk is a good thing to do. we investment in the uk is a good thing to tie-— thing to do. we heard there that she has _ thing to do. we heard there that she has talk _ thing to do. we heard there that she has talk about - thing to do. we heard there that she has talk about the | thing to do. we heard there - that she has talk about the £60 billion of investment from a range of companies. as part of that the stansted airport announcement, that they are going to expand that, as there are or is that a separate amount of money? i are or is that a separate amount of money? i would have to look that _ amount of money? i would have to look that up _ amount of money? i would have to look that up for _ amount of money? i would have to look that up for you. - amount of money? i would have to look that up for you. i - to look that up for you. i don�*t have other projects to hand and we would have to look and check what came into that 60 billion. that was an announcement that came today and there were others around uk data centres and investments and life sciences. we have had and life sciences. we have had a slew of those announcement

over the day. that is partly of the choreographed nature of the summit that you have the summit but at the same time you are having that stream and investment projects and out throughout the day.- investment projects and out throughout the day. tella is a bit about the _ throughout the day. tella is a bit about the mood. - throughout the day. tella is a bit about the mood. they - throughout the day. tella is a l bit about the mood. they spent the first few months in government talking about, or highlighting what they said is a big black hole in the finances. it is today part of trying to turn a corner and being more positive about the economy?— being more positive about the economy? there was certainly criticism that _ economy? there was certainly criticism that perhaps - economy? there was certainly criticism that perhaps the - criticism that perhaps the government had overdone it, rachel reeves and keir starmer, when they were talking about problems with the uk�*s finances. perhaps that is part of an attempt to try... and we have seen in recent times their conference trying to be more upbeat about the economy, about the outlook and keir starmer this morning was being fairly, almost booster —ish about some of the prospects of the economy. you have this from rachel reeves, talking about the britain they are building, about how that will be a good place to invest. there is more

of a note of optimism, yes. you mentioned _ of a note of optimism, yes. you mentioned that _ of a note of optimism, yes. you mentioned that she _ of a note of optimism, yes. you mentioned that she had highlighted that corporation tax would stay the same. i suppose all eyes are on the upcoming budget and where she might have to find some money in order to fill any gaps that there are. in order to fill any gaps that there are-— in order to fill any gaps that there are. ,, ~ , u, , there are. quite. and because she has ruled _ there are. quite. and because she has ruled out, _ there are. quite. and because she has ruled out, or- there are. quite. and because she has ruled out, or said - there are. quite. and because| she has ruled out, or said they won�*t raise so many sources of tax, so that pledge on corporation tax, for example. there has been a pledge not to raise taxes on working people which is national insurance, income tax or vat, that there is a lot of speculation about where she might be able to find attack so there has been a lot of discussion, for example some of discussion, for example some of the thing said over the weekend seem to imply that national insurance contributions from employers could be in scope for this. there has also been a lot of talk about increasing capital gains tax. there has been an interesting intervention from keir starmer this afternoon on that in an interview with bloomberg television. he was asked whether reports that capital gains tax could go up

to 39% were wide of the mark and he suggested it was getting to the area that is wide of the mark. that is quite unusual because usually politicians are not drawn on what may or may not drawn on what may or may not be in a budget ahead of time. ~ ., not be in a budget ahead of time. ~ . ., not be in a budget ahead of time. ~ . . , time. what about the way they define debt? _ time. what about the way they define debt? there _ time. what about the way they define debt? there is - time. what about the way they define debt? there is some . define debt? there is some suggestion that the government might find some money down the back of the sofa, if you like, by changing the way debt is defined. talk is how that would be defined. defined. talk is how that would be defined-— be defined. one of the things that has been _ be defined. one of the things that has been suggested - be defined. one of the things that has been suggested as l be defined. one of the things i that has been suggested as they could redraw how debt is defined which would free up more money for rachel reeves to then invest. she talked a lot about investment in this speech, talking about discipline in spending that she wanted to invest, investment over decline i think was her phrase, but she needed it to be fully transformative. certainly when i was at the labour conference the other week some of the delegates i was speaking to wanted to know what she was going to do about investments in public services in particular. that is going to be

one to watch.— particular. that is going to be one to watch. tell me about the tone. one to watch. tell me about the tone- she _ one to watch. tell me about the tone- she is _ one to watch. tell me about the tone. she is addressing - one to watch. tell me about the tone. she is addressing a - tone. she is addressing a business audience here that some of the definitions there, wanting to provide certainties, similar to wanting to provide certainties, similarto labour wanting to provide certainties, similar to labour voters might sound pro—business and not necessarily pro—worker. is there a danger for the government there a dangerfor the government that there a danger for the government that they are looking like they are cosying up looking like they are cosying up to one lot more not looking after the others?— after the others? they are certainly _ after the others? they are certainly trying _ after the others? they are certainly trying to - after the others? they are certainly trying to straddle the line and they are saying that they are both pro—worker and pro—business and that that those two things they say are not contradictory. you can and should be both. there are certainly 1526 00:09:38,076 --> 00:09:3