Firms question pre-budget timing of investment event

Business leaders have warned that the government's plans for a major global investment summit are in danger of falling flat, amid growing frustrations over the high costs of involvement and its timing two weeks before the budget.

- Richard Partington, Anna Isaac

As a central plank in Labour's proposals to drive up investment in Britain, the party pledged in the general election campaign to host the summit within the first 100 days of winning power to show that the UK would be "open for business" under a new government.

The event was confirmed last month by the chancellor, Rachel Reeves, and the business secretary, Jonathan Reynolds, for 14 October as a flagship opportunity for up to 300 senior business figures hosted by the prime minister.

However, several business leaders at Labour's annual conference in Liverpool this week said it was at risk of failing to live up to its highprofile billing, because it would take place while ministers were still thrashing out the details of several major economic decisions before the 30 October budget.