‘£63 billion doesn’t lie’ – minister denies business confidence dip under Labour

Business minister Sarah Jones has denied that consumer confidence has fallen under Labour stating: “£63 billion doesn’t lie”.

Shadow ministers raised research from the Institute of Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy.

It showed that confidence continued to fall in September to -38, from -12 in August 2024, the lowest result that the index has registered since December 2022 (-58).

Treasury minister Emma Reynolds hailed Monday’s International Investment Summit as a “major vote of confidence in the UK” after businesses committed to invest £63 billion.

The announcements, made both during and in the immediate run-up to the summit, are expected to create almost 38,000 jobs and include investments in green energy, infrastructure and life sciences.

During a debate on the summit in the Commons on Thursday, Ms Reynolds dubbed the planned investment a “stability dividend” from investors after the general election.

She said: “(This is) ambitious policy-making for the long term, not sticking plaster politics. As the Chancellor said earlier this week, if growth is the challenge, investment is the solution.

“I am delighted to say that as a result of the stability dividend that this Government has introduced, we announced a record-breaking level of investment, more than any previous summit, of £63 billion of shovel-ready investments across the country.”

However, shadow Treasury minister Gareth Davies said investment decisions are “provisional” and dependent on “an economic environment which welcomes and supports investment”.

He said: “Since Labour have taken office, thanks to all the doom and gloom, made-up black holes and submission to the unions, business and consumer confidence have fallen, and the cost of borrowing for the British government has risen.”

Later, shadow business secretary Kevin Hollinrake asked business minister Sarah Jones to explain “if confidence is rising, why the Institute of Directors has stated that confidence has gone from +30 in June to -7 today?”

She replied: “(Mr Hollinrake) knows that we are working very closely with businesses, business organisations and others to make sure that the changes that we bring in grow our economy.

“We have huge confidence from a raft of people and for every quote he can find I can find him 10 that say the opposite. He can pick on one if he wants to but £63 billion doesn’t lie, I would suggest.

“Let’s not forget that our summit on Monday was organised in a matter of weeks.

“The party opposite had two years between their investment summits, yet we secured double the amount of investment compared to their summit last year.”

Earlier in the debate Mr Hollinrake welcomed the Government’s international investment summit, but made a dig relating to the evening’s entertainment amid the ongoing row on Cabinet ministers receiving free tickets to Taylor Swift concerts.

Prime Minister Sir Keir Starmer was given tickets to a Swift concert and met the singer. Government involvement in discussions over her security saw her given a taxpayer-funded police escort while performing in London.

Home Secretary Yvette Cooper and London Mayor Sadiq Khan, who were involved in the talks, also accepted free tickets.

Mr Hollinrake told MPs on Thursday: “I was pleased, but surprised, perhaps, to see Elton John actually entertain the audience that evening. I was much more expecting Taylor Swift.”

Mr Hollinrake also referenced a row between Transport Secretary Louise Haigh and P&O Ferries owner DP World after she referred to the company as a “rogue operator”.

He said: “When I thought about it and I heard about the reversal of the DP World position on their investments, I thought, ‘well that’s obvious why they’ve done that now’, because obviously they’ve asked Elton and the Transport Secretary (Louise Haigh) to join in a duet of Sorry Seems To Be The Hardest Word.”