Responding to the incident, Conservative shadow business secretary, Kevin Hollinrake, said that on the eve of the investment event it was “body blow for the government”.

“[It] shows that Labour cabinet ministers have never been in business, don’t understand business and don’t know how to talk to business. They just haven’t got a clue.” he said.

Senior figures I have spoken to in government are incensed at the suggestion from a senior minister of a boycott – at just the point they are trying to claim they lead a “pro-business” administration.

I understand conversations between the government and the company are ongoing to try to tempt them to turn up on Monday.

Starmer added that he believed the investment summit was evidence of a growing confidence from companies in the UK’s economy.

“I think Heathrow Airport’s had to sort of expand the VIP area, the sheer number of people coming in for our summit,” he said.

But the prime minister could have done without a public row with one of those invited and with one of his cabinet ministers.

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