Starmer meets BlackRock’s Larry Fink for growth talks
The Prime Minister this morning met the boss of the world’s largest money manager, in the latest such conversation as part of ministers’ growth agenda.
Sir Keir Starmer held discussions with Larry Fink, who leads the $11.6tn giant BlackRock.
Fink was pictured leaving Downing Street on Tuesday morning.
This follows on from the American billionaire’s last meeting with the government in November, where Fink, Chancellor Rachel Reeves and other BlackRock executives advised the government on growth.
The November summit followed Reeves’ controversial Autumn Budget where taxes soared £40bn.
In the meeting, BlackRock raised concerns over regulatory delays for businesses, and told the government to make it simpler for global companies to compete in the UK, the Financial Times reported.
Starmer reportedly told executives of his plan to overhaul British regulators, allowing a streamlined regulatory approval process and improved legislative framework.
Since the November meeting, Starmer and Reeves announced the abolition of the Payment Systems Regulator (PSR).
The regulator is set to be folded into the Financial Conduct Authority as part of the government’s bid to “cut the red tape”.
Last month, Fink declared that the UK is “undervalued” and threw his weight behind the Chancellor’s growth agenda.
Reeves hosted top bankers for growth talks
Similar growth-focused meetings have become a staple for the Chancellor.
Reeves has courted top financial services leaders since the beginning of the year, including lenders, investment bankers and fintechs.
Meetings were intended to feed into the Treasury’s upcoming Financial Services Growth and Competitiveness Strategy, which will be published on July 15.
The document is set to outline Reeves’ masterplan for the financial services sector to innovate, grow and finance investment across the company.
The embattled Chancellor was granted a modest sigh of relief last week after data from the Office of National Statistics revealed the economy had grown 0.7 per cent in the first three months of the year.
Reeves has staked her political reputation on growth ambitions and pledged to go “further and faster” on unlocking economic potential.