At a big meeting he is hosting in London, the prime leader will pledge to do away with regulations that "needlessly hold back investment" in the UK.

Business executives will hear Sir Keir Starmer's announcement that he intends to "rip out" bureaucracy and that he would encourage the UK's competition watchdog to put growth first.

Some of the greatest corporations in the world wrote to the Times ahead of the international investment meeting, stating that increasing stability had made the UK more appealing.

The administration has already indicated that some taxes would increase, so it will need to strike a balance before the Budget in two weeks.

Jonathan Reynolds, the business secretary, would not rule out raising the rate of National Insurance that companies must pay on Sunday.

Labour promised not to increase National Insurance in its manifesto. Reynolds, however, stated to Sky News: "That pledge was taxes on working people, so it was stated explicitly in the manifesto, a reference to income tax and employees."

Signed by prominent financial institutions including JP Morgan and Goldman Sachs as well as insurance providers like Aviva, the letter to the Times stated that there was a "very real opportunity for the UK to grow its economy by attracting international investment".

Among the corporate executives present at the meeting is David Ricks, the CEO of pharmaceutical giant Eli Lilly.

The business declared on Monday that it planned to invest an additional £279 million in the UK, including research on obesity.

An ongoing dispute about remarks made by a minister regarding P&O Ferries has dominated the lead-up to the conference.

Following Transport Secretary Louise Haigh's description of P&O Ferries as a "rogue operator" in a government news release, DP World's £1 billion investment in the London Gateway container port looked to be in jeopardy.

The leaders of major investment firms like Blackrock and L&G, as well as DP World, will now be present at the conference after the prime minister publicly criticised Haigh.

DP World said on Monday that the £1 billion investment in London Gateway will proceed, noting that it will generate 400 new jobs and establish London Gateway as the largest container port in the UK in five years.

The Australian company Macquarie, which was Thames Water's largest shareholder and is now accused of loading the company with unmanageable debt, has committed to investing £20 billion in the UK over the next five years, including the construction of an electric vehicle charging network.

The prime minister and Chancellor Rachel Reeves will both give keynote addresses at the conference, which is being held at London's Guildhall.

The Competition and Markets Authority, the UK's antitrust body, will be urged by the government to give growth, investment, and innovation first priority.

The administration is trying to strike a balance by being pro-worker as well as pro-business, citing expanding the economy as its primary objective.

(Sources: bbc.co.uk)