‘We had conversation’ with P&O Ferries owner, says minister, after criticism ‘put £1bn investment under review’

The government had to “have a conversation” in order to secure the landmark DP World investment announcement that was reportedly derailed by comments from the transport secretary.

Appearing on Sunday Morning With Trevor Phillips, Business and Trade Secretary Jonathan Reynolds was asked how close the government came to losing the £1bn commitment in the London Gateway port.

Mr Reynolds said: “Look, we’ve had to have a conversation following some of the press reports.”

Politics latest: Minister quizzed on why Musk isn’t invited to investment summit

The £1bn pledge by the Dubai-based firm DP World – which owns P&O Ferries – was thrown into jeopardy after Transport Secretary Louise Haigh branded the shipping company a “rogue operator” and said consumers should boycott it.

In March 2022, P&O Ferries caused huge controversy by sacking 800 British seafarers and replacing them with cheaper, largely foreign workers, a move it said was required to prevent the company from collapsing.

Sky News revealed on Friday that the £1bn investment announcement was under review – before it was revealed yesterday that it would go ahead as planned.

Asked if the announcement – set to be the landmark pledge of the coming week’s investment summit – was almost pulled, Mr Reynolds would only say that it is now “going ahead”.

The minister was also questioned about why Tesla and SpaceX founder Elon Musk was not going to be present at the government’s investment summit.

Pushed repeatedly about the reason for the world’s richest man’s non-attendance, Mr Reynolds said he would not comment on a “specific person”, but said the gathering was about “who can bring the kind of investments that will make the biggest difference” – before adding that “not everyone can come”.

Asked about the decision on the London Gateway port on Saturday, a DP World spokesperson told Sky News: “Following constructive and positive discussions with the government, we have been given the clarity we need. We look forward to participating in Monday’s International Investment Summit.”

The investment summit was announced in August, although it’s timing has been questioned due to it taking place before the budget on 30 October.

While in opposition, Labour pledged to hold the event within the first 100 days of government – forcing their hand on the sequence of events after that deadline fell on Saturday.

When the summit was confirmed, the government claimed “up to 300 industry leaders” would be involved to “catalyse investment in the UK”.

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Reports over the summer suggested that Musk was not invited due to his controversial social media posts.

During the riots in the UK in the wake of the Southport stabbings, Musk regularly criticised Sir Keir Starmer on the billionaire’s social media platform X.