P&O Ferries owner pulls £1bn UK port investment following row with ministers
The owner of P&O Ferries has put at risk a £1bn investment to expand one of Britain’s largest ports, following a row with ministers.
Dubai-based DP World planned to unveil the expansion of London Gateway Port at the Labour government’s investment summit on Monday.
Those plans have now been placed on hold, according to reports, after the Transport Secretary Louise Haigh and Deputy Prime Minister Angela Rayner criticised P&O in an announcement unveiling new worker protections. Haigh referred to the firm as a “cowboy operator” in a statement earlier this week.
It is understood that DP World chief Sultan Ahmed bin Sulayem will not attend the investment summit, which was convened by Prime Minister Keir Starmer.
P&O sparked huge backlash in 2022 over the sacking of 800 workers, allegedly using a “legal loophole.”
DP World has confirmed its planned investment is under review, Bloomberg News reported.
Responding to questions about the issue on Friday, Starmer said: “In the last four weeks we have had at least five or six huge investments in the UK, including £24bn today.
“We have got a massive investment summit coming up on Monday where leading investors from across the globe are all coming to the UK. This is very, very good for the country, very, very good for the future of jobs.”
Downing Street has sought to distance itself from Haigh’s comments, according to the Guardian.
The summit, hosted in Canada, is expected to be attended by hundreds of businesses, and executives from a number of sovereign wealth funds.
The summit in Canada is due to be attended by hundreds of business chiefs, including representatives of private equity and sovereign wealth funds, and aims to raise billions of pounds in financing.
DP World has been approached for comment.
A Government spokesperson said: “We welcome P&O Ferries commitment to comply with our new seafarer’s legislation.
“We continue to work closely with DP World, which has already delivered significant investment in the London Gateway and Southampton ports, to help deliver for the UK economy.
“Next week’s International Investment Summit will bring together hundreds of global firms to show Britain is open for business.”