Former Google CEO sends brutal criticism to Keir Starmer over UK growth | Politics

Former Google boss Eric Schmidt admitted he was “shocked” that the Labor government was “pro-growth”.

The technology mogul, sitting alongside the prime minister, backed plans to cut bureaucracy, adding: “the cost of capital and the delay are killing us.”

But in an apparent sign of unease among business leaders about a Labor government, Schmidt told the prime minister: “I was shocked when the Labor Party said they were for growth.”

And Schmidt has warned Sir Keir that he will not be able to meet his 2030 energy target unless he addresses the “backlog” involved in regulation in the UK, which is “killing him”.

He told the prime minister in a question-and-answer session at the investment summit: “Democracies, especially something as old as this, have a lot of ways in which people can say no.

“I would prefer – and I think the business community would prefer – to have a single person who could say yes or no… and then they could move on.

“The cost of capital and the delay are killing us and, furthermore, we will not be able to reach our 2030 energy target, which is commendable, without solving this.

“You have a tactical leadership problem to achieve this and I think you can achieve it, but you have to figure out a way to gain control.”

The Prime Minister responded: “I think this is a really big challenge, it has to be an intergovernmental priority, not just within the Treasury team.”

He added that “we are creating some of the structures that will do this” and repeated that the Government’s central question will always be: “Does this promote growth or does it not promote growth?”

Sir Keir said it was “time to update the regulatory regime” as he promised to “destroy” bureaucracy.

He said the government will “ensure that all regulators” in the country take growth “as seriously” as companies.

He was speaking at the start of the International Investment Summit on Monday, which is expected to see the Government reveal deals on AI, life sciences and infrastructure.

He told attendees: “It’s time to update the regulatory regime, make it fit for the modern era and seize every opportunity available to Britain.

“We will end the bureaucracy that blocks investment. We will march through the institutions and ensure that every regulator in this country – especially our economic and competition regulators – takes growth as seriously as this room.”

He also said that companies can share any “frustrations” with the Government, adding: “We are united in growth, our door is open”.

The summit comes after a bruising few weeks of headlines for the Government involving the Number 10 turmoil and the freebie dispute, but the Prime Minister promised to “think in years” rather than “the days or hours of network news”.

In his keynote speech at Guildhall he said: “We have our problems, of course we do, as I said, our public services need urgent care, our public finances need the strong love of prudence – challenges we cannot ignore .

“Because we know, as every leader here knows, that those first few weeks and months are precious, and no matter how many people tell you to ignore them, that you have to run toward the fire to put it out, not let it get to you. spread it further. .

“So let’s fix our public services, let’s stabilize our economy, and let’s do it quickly, because we don’t want any of the problems associated with our heritage to tarnish the window of Britain, distracting you from all those assets that I just listed it.”

He said it was “a mission-led mindset that thinks in years, not days or network hours, needed to unlock potential.”