Government Salvages £1bn DP World Investment Amid P&O Ferries Controversy and Musk Summit Snub

The government has spoken with the owner of P&O Ferries, according to a minister, following reviews that questioned a £1bn investment. DP World, the parent company, reconsidered their financial commitment after Transport Secretary Louise Haigh labeled the ferry operator as "rogue" and suggested that customers should avoid using their services.

Politics correspondent

Sunday, October 13, 2024, 12:

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To finalize the significant DP World investment deal, the government found it necessary to engage in discussions, especially after remarks made by the transport secretary nearly jeopardized the agreement.

On the program "Sunday Morning With Trevor Phillips," Jonathan Reynolds, the Secretary of Business and Trade, faced questions regarding the government's near miss in securing the £1 billion investment at the London Gateway port.

Mr. Reynolds stated, "We needed to discuss matters after seeing what has been reported in the media."

Latest in Politics: Official questioned on exclusion of Musk from investment conference

The commitment of £1 billion from DP World, a Dubai-based company that owns P&O Ferries, has been cast into doubt following comments from Transport Secretary Louise Haigh. Haigh labeled the maritime firm a "rogue operator" and called for consumers to avoid using its services.

In March 2022, P&O Ferries sparked significant backlash when it dismissed 800 British crew members, opting instead for less expensive workers from abroad. The company claimed this drastic step was necessary to avert bankruptcy.

Sky News reported last Friday that the planned £1 billion investment was being reassessed, but it was confirmed yesterday that the investment would proceed as originally intended.

In response to inquiries about whether the key commitment planned for next week's investment summit was nearly withdrawn, Mr. Reynolds confirmed that it is still "proceeding."

The official was also asked to explain the absence of Tesla and SpaceX CEO Elon Musk from the government’s investment conference.

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When persistently questioned about why the world's wealthiest individual was absent, Mr. Reynolds declined to discuss "a specific person." He emphasized that the focus of the meeting was on attracting investments that would have the most substantial impact, noting that "not everyone can attend."

In response to inquiries regarding the London Gateway port decision this Saturday, a spokesperson for DP World informed Sky News, "After fruitful and encouraging talks with the government, we have received the necessary clarity. We are eager to take part in the International Investment Summit on Monday."

The investment summit, set for an announcement in August, has raised eyebrows due to its scheduling before the budget release on October 30.

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When they were the opposition party, Labour committed to organizing the event within the first 100 days of taking office, consequently putting pressure on themselves regarding subsequent actions as this deadline passed on Saturday.

Upon confirmation of the summit, the government announced that "up to 300 industry leaders" would participate to "stimulate investment in the UK."

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During the summer, there were claims that Musk's exclusion was a result of his contentious posts on social media.

Amid the unrest following the Southport stabbings in the UK, Musk frequently voiced his criticisms of Sir Keir Starmer on his own social media network, X.

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