| Keir Starmer hasn't lost his sense of humour, despite a rough couple of weeks. "I'd like to pretend this is my apartment," he told a group of senior New York financiers during a plush breakfast event today. "But I can't, because Hannah's already nabbed it." Jokes should never be explained, of course, but just so we're clear: the Hannah in question is Hannah Young, Britain's consul general in the Big Apple. The breakfast was in a large state room at her residence, from where Starmer and other guests were able to peer out across the East River. Personally, I like irreverent humour so I applaud the prime minister for making such a blunt jibe following days of negative coverage about his acceptance of gifts — and in particular, the use of a Labour donor's luxury flat, reportedly worth £18 million. But how about the average British voter, would they find it funny? Potentially not, and Starmer faces an uphill battle to turn around his favorability ratings back at home. There are times when jokes are best kept in one's head.
Now, if Downing Street's press officers were reading this (hello!) they would presumably say that it's all Westminster tittle-tattle, and urge me to focus on substantial policy matters instead. So let's turn to those.  Keir Starmer speaking in New York on Sept. 25. Photographer: Victor J. Blue/Bloomberg Starmer was flanked at the breakfast table by Mary Callahan Erdoes, who heads up JPMorgan's asset management wing, and Blackstone president Jon Gray. While in the States he's also met Citi boss Jane Fraser, Carlyle's Harvey Schwartz and other titans of the US financial sector. It's an impressive line-up as Starmer promises to create an investment-friendly environment and attract billions of dollars to UK infrastructure projects. "Wealth creation is the Labour government's number one mission," he told today's assembled guests.
Which is all well and good, but what about wealth taxation? We still have close to another five weeks until we discover how Chancellor Rachel Reeves will plug the £22 billion fiscal hole she accuses the Tories of leaving behind, and many of these New York chiefs' colleagues in London are fearful of sharp hikes targeted at wealth and the wealthy.
The incongruity in Labour's positioning was noted by former Bank of England chief economist Andy Haldane today. Asked if people with deep pockets were being put off the UK, Haldane told LBC radio: "This is a time where we need more of that private finance to fuel growth. If it were me, I'd be being a bit careful in not deterring… the flow of finance we need to get growth going."
Investors will no doubt welcome a lot of the Labour leadership's warm rhetoric, and maybe even its jokes, but ultimately they won't make the first move unless the budget convinces them that Starmer's Britain is a safe and potentially lucrative bet. Want this in your inbox each weekday? You can sign up here. | 
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