Key points
- PM delivers speech at flagship investment summit and is quizzed by business leaders - watch and follow
- Starmer and Reeves to welcome more than £50bn in investment, Sky News learns
- But Elon Musk not invited - a minister tells us why
- Reynolds won't rule out raising employer national insurance|But Tories says it would break Labour manifesto pledge
- Explained:What is national insurance and what did Labour pledge at the election?
- Live reporting by Ben Bloch
In depth
- Listen:The chancellor's £25bn problem
- Explained:What are Labour's employment reforms?
- Analysis:Unpredictable Tory contest is about to get spicy
'We need to run towards AI,' PM says
Now, Sir Keir Starmer and Eric Schmidt are asked about their vision for AI as a growth enabler.
Mr Schmidt says: "One way to think about it is you are creating something that will go on for 50 or 100 years.
"It will change society in profound ways."
The former boss of Google goes on to say his hope is that "we will work with this alien intelligence" and that it will "make us smarter".
"People who worry about AI don't understand it is about searching for efficiency gains," he adds.
The PM says AI is a "game changer" that has "massive potential on productivity".
"We need to run towards it," he says.
PM won't achieve 2030 energy goal without fixing regulatory system, ex-Google boss says
The former boss of Google, Eric Schmidt, quips to the PM that he was "shocked when Labour became strongly in favour of growth", and says he knows Sir Keir Starmer well enough to know that he really believes it.
The question is how to get the economy growing in the way he wants.
Mr Schmidt says there is "plenty of money" that will come into Britain if he achieves his goals of stabilising the economic and political environments, fixing public services, and scrapping regulation.
The latter is the key point, Mr Schmidt argues, joking that he should have a "minister of anti-regulation".
He goes on to say that there are too many ways for investment to be rejected in the British system, which is "killing you", and so there should be one point where a project is approved or rejected.
"You're not going to achieve your 2030 energy goal, which is laudable, without fixing this.
"You have a tactical leadership problem to achieve this, and I think you can pull it off, but you have to figure out a way to get control," he tells the PM.
Sir Keir replies that the government is "setting up the structures" across government to achieve this.
'We need to create the environment for investors to invest'
The Q&A has now begun and the prime minister is asked how he will ensure the costs of doing business in the UK are competitive and what he most wants to have achieved when it comes to industry.
He says "this is a government that is mission driven" and with "strategic long-term vision".
The prime minister adds that "there are some really good assets in the UK" such as education, life sciences and strong leaders - but notes that there are also "inhibitors".
"We need to champion the brilliance we have to offer but we need to remove some of the inhibitors," he says.
He adds: "Now is the time to grasp these things.
"We need to create the environment for investors to invest."
'A great moment to back Britain', PM declares in keynote summit speech
Sir Keir Starmer opens his speech with a quip about his "long hair and very, very flared jeans" when he studied at the nearby Guildhall music school, and then he turns to the business of the day.
The PM tells the business leaders that they are there for the "shared ambition" of growth, saying: "You have to grow your business, I have to grow my country."
The "most important national mission" of his government is to become the highest growing economy in the G7, which is "the only way to deliver the mandate for change that we've won".
That means higher wages, a more vibrant high street, public services "back on their feet", less poverty, "more opportunity, more meals out, more holidays, more precious moments with your family, more cash in your pocket".
For business, that means a bigger market for them, and "your effort and enterprise rewarded in profit".
Despite political instability around the world, Sir Keir declares this "an age of great possibility", pointing to digital technology, clean energy, medicine, and life sciences.
Wealth creation, he says, "stops a country turning in on itself and against the world", which "helps provide a stable foundation... for a country to take advantage of those opportunities for a better future".
The PM tells the business leaders that they are there because "private sector investment is the way we rebuild our country and pay our way in the world", adding that this is "a great moment to back Britain".
He concedes that we in the UK "have our problems", pointing to public services and public finances needing attention, but declares that the government will fix both of them "quickly".
The four elements of his pitch to business leaders are:
- Britain now has a stable government for five years due to his large majority;
- The new government is "building a more strategic architecture for growth" and investing;
- Ministers are "determined to repair Britain's brand as an open, outward-looking, confident trading nation";
- A promise to tear up red tape to ensure investing and growing businesses is as easy as possible.
The PM also insists that the new workers' rights legislation is "pro-growth" and "will lead to more dynamism in the labour market".
Concluding his speech, the PM declares that it's "time to back Britain".
Watch live: PM delivers speech and faces questions with ex-Google boss
Following an introduction by his business secretary, Sir Keir Starmer is delivering a speech to his flagship International Investment Summit.
He will welcome business leaders and make the case for them to choose to invest in the UK, while also vowing to scrap red tape to make it easier for them.
The PM will then take questions with the former boss of Google, Eric Schmidt.
Watch live on Sky News, in the stream above, at the link below - and follow live updates here in the Politics Hub.
Watch Sky News for freeon Sky channel 501, Virgin channel 602, Freeview channel 233, on theSky News websiteandappor onYouTube.
Starmer meets business leaders as investment summit kicks off
The prime minister has held an early morning meeting with some key business leaders ahead of speech to formally open the investment summit in just under an hour.
Alongside the chancellor, Sir Keir Starmer met with business bosses including global co-chief investment officer of Blackstone, Lionel Assant, chief investment officer of Google, Ruth Porat.
The PM said in a tweet: "My government's number one mission is economic growth.
"To grow our economy, we need high quality, long-term investment. That means creating a new partnership with businesses, and making sure Britain is the best place in the world to invest."
Watch and follow the PM's speech live on Sky News and here in the Politics Hub from 10am.
Scottish independence is in stalemate and with Alex Salmond's death it is looking for a new star
By Connor Gillies, Scotland correspondent
Alex Salmond was the undisputed figurehead of the independence movement for decades.
He was the instantly recognisable, colourful, controversial, and complicated face of a movement that Salmond dragged from the fringes to the forefront of political discourse in the Scotland we know today.
Although Salmond has been on the sidelines of the show in recent times, he has become a thorn in the side of the SNP, agitating for a more urgent push towards a second referendum.
He used his pro-independence Alba party as a vehicle to protest and push his predecessors over his insistence that their strategy was sluggish and incompetent.
Ever the optimist, Salmond truly believed Alba would gain some electoral success at the Holyrood elections in 2026.
The polls, though, told a different tale. It was going to be an almighty mountain to climb. Was it classic Salmond spin? Probably.
The future of Salmond's brainchild, the Alba party, was arguably rocky before his death, having failed to secure any big electoral wins. Now its very existence looks to be on the line.
The challenge to the wider nationalist movement is to find a charismatic leader of equivalent quality to Alex Salmond to take it to the next level.
Shadow minister hits out at Labour for breaching manifesto - but admits they did too
Boris Johnson said over the weekend that he's tearing his hair out at the way the Conservative Party ran the general election campaign, and we asked shadow science secretary Andrew Griffith if he has a point.
He replied: "I don't think we lost, Kay, because people didn't want safer streets, more secure borders, an economy that grows.
"I think we lost because, ultimately, some of it was about how we conducted ourselves in government, but a lot of it was how people perceived that we failed to deliver."
The Tory MP went on to say that he is "proud of a lot of things" the previous government did, but "it's for sure there were many things we weren't able to do".
The job in opposition, he said, is to be able to say "why it will be different next time".
He hit out at Labour for appearing to be veering away from manifesto pledges, such a raising employer national insurance - but also admitted that the Tories did not fulfil their manifesto promises either.
Tory shadow minister 'desperately hopes' to avoid new leadership contest in two years
Conservative peer Ruth Davidson has told Sky's Electoral Dysfunction podcast she thinks there is a "good chance" there will be another Tory leadership election in two years - despite the fact one is currently under way.
Asked what his view is, shadow science secretary Andrew Griffith told Sky News: "I desperately hope not."
The party has to "choose to get behind" the new leader and "work constructively".
"I think the absolute horror show of this government, day by day, 100 days of things that are undermining our country's standing in the world, is a uniting force."
He says both candidates - Kemi Badenoch, who he is backing, and Robert Jenrick - are receiving support from across the party.
"So whoever is elected, we need to unite, and we need to take the fight to this government."
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Shadow minister admits Tory government couldn't 'fulfil ambitions' to scrap regulation
We've just been speaking with the shadow science secretary, Andrew Griffith, and he touted what he calls the Conservative government's success at attracting investment to the UK at two similar summits to the one Sir Keir Starmer is hosting today.
He was critical of the new government, however, saying some of the recent announcements they have made were of deals actually concluded under the previous Tory government.
"I think it's really good, to be clear, that governments of any flavour are doing these sorts of investment summits.
"It's right to put our best foot forward, to attract the best and brightest in the world here.
"But you've got to walk the walk," he said, explaining that holding the summit ahead of the budget when debt rules are expected to change appears to be "putting the real skids under confidence in the economy", alongside new workers' rights laws.
Mr Griffith admitted that the previous Tory government was not able to "fulfil its ambitions" to strip out regulation to enable faster growth.