Sir Keir Starmer insists UK inward investment will continue to grow despite reported tax rises

The Prime Minister hailed the October 30 fiscal event as a historic moment, describing it as Labour's first chance to "define the way in which we will approach the economy" after 14 years in opposition.

Prime Minister Sir Keir Starmer has hailed the upcoming October 30 fiscal event as a historic moment, describing it as Labour’s first chance to “define the way in which we will approach the economy” after 14 years in opposition.

But amid media reports that the Government could raise capital gains tax, putting off business start-ups and foreign investors alike, Starmer is confident the UK’s inward flow of cash will continue to grow.

Asked if he thinks entrepreneurs may want to leave the UK following reported tax increases in the Budget, Starmer told reporters: “There is no reason for them to.”

Speaking while travelling to Samoa for a meeting of Commonwealth leaders, the Prime Minister pointed to the recent UK investment summit he hosted as an indicator of mood music among investors.

“All the feedback back to us has been that it was very well received by a significant number of global investors,” he said.

Some £63 billion inward investment resulted from the summit, according to the Government.

“I am confident that we will see more inward investment before Christmas to add to that £63 billion,” Starmer said.

Asked for his thoughts on the significance of the Budget, he said: “Is it going to be an important Budget? Yes, it is.

“It’s the first one for 15 years. the first Labour Budget. It’s our first opportunity to define the way in which we will approach the economy, and that’s why I say we will fix the foundations and rebuild the country.”

Following months of gloomy scene-setting from the Government, Starmer also insisted it was important his ministers “levelled with the country about the inheritance” they received from their Conservative predecessors.

“That £22 billion is for real. It’s not performative,” he said.

“I do not accept the argument that many of you put to me in interviews that, because we settled the public sector, that somehow it wasn’t a black hole.”

Because the Budget offers the chance for the Prime Minister to lay out his Government’s course, Starmer was also asked about the reset at the heart of his No 10 operation.

While he would not be drawn into revealing the future of top aide Sue Gray’s role in Government, he said he is “pleased I’ve got a good team in place” following a reshuffle of his senior staff.

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