Keir Starmer, the UK PM, promotes a pro-business strategy while courting leading Wall Street CEOs.

Keir Starmer, the UK PM, promotes a pro-business strategy while courting leading Wall Street CEOs.
Keir Starmer, the UK PM, promotes a pro-business strategy while courting leading Wall Street CEOs.
  • U.K. Prime Minister Keir Starmer stated on CNBC's Andrew Ross Sorkin that his Labour government's top priority is creating wealth.
  • While in New York City for the United Nations General Assembly, Starmer met with business leaders.
  • Since Tony Blair, the first leader from the center-left Labour party to win a U.K. national election in July was Starmer, ending 14 years of Conservative rule.

The UK is seeking investment from major American banks and tech companies to revitalize its sluggish economy.

In an exclusive broadcast interview with CNBC's Andrew Ross Sorkin, U.K. Prime Minister Keir Starmer stated that his Labour government's top priority is creating wealth.

"As a Labour party, we take pride in being both pro-business and pro-worker."

Since July, Starmer has been the first leader from the center-left Labour party to win a U.K. national election since Tony Blair, ending 14 years of Conservative rule. His top priority since being elected is economic stability.

Starmer met with business leaders including Bank of America CEO Brian Moynihan, Citi CEO Jane Fraser, BlackRock CEO Larry Fink, Microsoft President Brad Smith, and Blackstone President Jonathan Gray during his visit to New York City amid the United Nations General Assembly.

Blackstone has pledged to invest $13 billion in constructing a data center in northeast England, with the goal of creating 4,000 jobs and establishing one of Europe's largest data centers to meet the growing demand for artificial intelligence.

UK Prime Minister touts pro-business agenda

"Starmer expressed confidence in the deal, stating that it was significant, and it was located in the northeast of England, which is important to him because he wants economic growth outside of London."

Starmer is focusing on attracting investment in renewables, AI, and life sciences as part of his efforts to boost the economy. The Labour government is set to reveal its budget plan in October, amidst a sluggish economy.

After conducting an audit, Starmer's government identified a £22 billion ($29 billion) financing shortfall. In July, former Finance Minister Jeremy Hunt, representing the Conservative Party, wrote to Simon Case, the head of the British civil service, expressing concern about Labour's claims about the public finances.

Recently, Starmer has been criticized for being overly negative about the UK economy, and Labour's plan to abolish the UK's non-dom tax system has also faced criticism.

""The economy will be stabilized, but more difficult choices will be necessary regarding the budget," Starmer stated on Thursday."

At the Labour Party's Annual Conference, Starmer's proposal to reduce pensioners' fuel cost offsets was rejected by his own party in a symbolic vote.

Starmer informed Sorkin that no one wants to alter the winter fuel allowance for pensioners, but doing so would stabilize the economy.

The "triple lock" in the U.K. ensures that the state pension increases annually by the highest of 2.5%, inflation rate, or earnings growth.

by Jacqueline Corba

Politics