Ministers need Musk to attend flagship funding summit

The authorities is courting Elon Musk, the Tesla billionaire and proprietor of the social media platform previously often called Twitter, to attend a flagship enterprise summit within the autumn as they search to bolster Britain’s declare to be a number one magnet for abroad funding.

Sky News has learnt that Rishi Sunak’s administration is eager to safe the attendance of Mr Musk on the Global Investment Summit (GIS) in late November.

Whitehall sources advised that the Amazon founder Jeff Bezos was additionally prone to be invited.

It was unclear on Tuesday whether or not a proper invitation had been issued but to both man, though different main traders within the British economic system have informed Sky News that they’ve already been requested to attend on November 29.

The authorities claims that the inaugural GIS, held in October 2021, secured £9.7bn of latest international funding, creating over 30,000 new jobs “and supporting growth in vital sectors such as wind and hydrogen energy, sustainable homes, and carbon capture and storage”.

Bill Gates, the Microsoft founder, and Jamie Dimon, chairman and CEO of JP Morgan Chase, have been amongst those that attended the 2021 occasion.

One authorities official stated there was a specific want to influence Mr Musk to attend this yr due to the maverick entrepreneur’s conferences earlier this yr with the French president Emmanuel Macron to debate potential Tesla investments within the nation.

A spokesman for the Department for Business and Trade declined to touch upon particular person delegates however stated: “We look forward to welcoming around 200 CEOs and the world’s A-list investors to the second Global Investment Summit in November, to showcase why the UK is a top destination for international investment.

“Hosted by the PM and Business and Trade Secretary [Kemi Badenoch], attendees will hear first-hand how the federal government intends to construct upon the aggressive enterprise surroundings that makes the UK one of many world’s most tasty funding locations. 

“The Summit will drive investment into all corners of the UK, creating real benefits for local businesses and communities including economic growth and jobs.”

Originally slated for October, the summit was delayed by a number of weeks because of scheduling points.

Sources say it is going to be held at a “historic location” near central London.

They added that this yr’s occasion would purpose to focus on British successes in areas together with life sciences, deep tech, nuclear fusion and small modular reactors.

It would additionally search to exhibit that capital funding in Britain was being unlocked by post-Brexit monetary liberalisation measures included within the ‘Edinburgh reforms’ outlined by the chancellor, Jeremy Hunt, earlier this yr.

The occasion will likely be held throughout a fragile interval for perceptions of the UK as an funding vacation spot, with automotive producers together with the Vauxhall-owner Stellantis having just lately warned of potential manufacturing facility closures due to post-Brexit guidelines.

Sir James Dyson, founding father of the eponymous electrical items model, has been an outspoken critic of presidency coverage, warning that the ambition of changing into a science and expertise superpower had been decreased “to a political slogan”.