- Written by Lucy Hooker
- BBC News business reporter
image source, Getty Images
The Prime Minister will host a group of key business people at Hampton Court on Monday to highlight plans for foreign companies to invest in the UK.
Rishi Sunak said £29.5bn of new investment was promised, calling it a “huge vote of confidence” in the UK economy.
Last week’s Autumn Statement included a number of measures to encourage greater business investment.
The Autumn Statement measures are primarily aimed at encouraging more investment in domestic companies, an area where the UK lags behind other G7 countries.
However, the government said Britain’s track record in attracting overseas investment remained strong.
Labor, meanwhile, claimed the government’s policies had been a “total failure” in terms of growth and business investment.
“The last 13 years of Conservative government have shown a complete lack of stability, consistency and ambition, driving potential investors away from the UK,” said Shadow Trade and Business Secretary Jonathan Reynolds. Stated.
On Monday, the government will roll out the red carpet at Hampton Court Palace. The red carpet will be rolled out at the palace, where Henry VIII famously took a break from his daily duties to enjoy feasts and jousting, in what the government claims will be a “historic” event. Celebrating Britain’s achievements in innovation “from steam locomotives to quantum computing”.
This will be followed by a banquet with Charles III at Buckingham Palace.
Some participants consider themselves global investment royalty. They include Stephen Schwarzman, chief executive of investment group Blackstone, David Solomon of Goldman Sachs and Jamie Dimon of JPMorgan Chase & Co.
“It’s only right that global CEOs support the UK. We intend to make the UK the best place in the world to invest and do business,” Mr Sunak said.
Mr Sunak pointed to the UK’s “culture of innovation and thriving universities” and highlighted “clean energy, life sciences and advanced technology” as key sectors, with inward investment already creating jobs and driving growth. said.
Among the projects confirmed on Monday are a £10bn investment in infrastructure and energy projects by Australia’s IFM Investors and a new lab in Cambridge by mRNA coronavirus vaccine pioneer BioNTech. Includes commitment.
Some of the amounts in the project list to be announced at the summit were previously announced by investors, who are now ready to attach specific investment amounts. Other investments, such as IFM, have already begun, and future investment amounts are currently being disclosed. Other companies are adding new investments to their existing portfolios.
High-profile projects include increasing the amount Spain’s Iberdrola is investing in UK electricity transmission and distribution by £7bn. £5 billion will be invested from Australia’s Aware Super into a range of projects including energy transition and affordable housing. AI infrastructure has been funded with his £2.5 billion from Microsoft.