Thousands of jobs will be created across the UK in our most innovative sectors, including tech, life sciences, renewables, housing and infrastructure.
Prime Minister Rishi Sunak has today (Monday 27 November) unveiled £29.5 billion of new investment for thriving UK sectors, as the world’s A-list CEOs and investors arrive at the Global Investment Summit at Hampton Court Palace.
Backing some of the fastest growing and most innovative sectors in the UK, the transformative investments have been secured for projects in tech, life sciences, infrastructure, housing and renewable energy – creating thousands of new jobs and driving growth across the country.
The summit marks a huge step forward for levelling up, with more than 12,000 jobs being created from just some of today’s investments. This follows the government’s new £4.5 billion Advanced Manufacturing Plan, a £2 billion investment from Nissan which will secure thousands of jobs in Sunderland, and a new Investment Zone in the North East which will create 4,000 jobs.
Nearly 26,000 jobs were created last year alone in the North West and North East from inward investment projects, with over 7,000 in Yorkshire and The Humber and 11,000 in the Midlands.
The summit will be opened by the Prime Minister and Business & Trade Secretary Kemi Badenoch, with notable CEOs in attendance including Stephen Schwarzman from Blackstone, Amanda Blanc at Aviva, David Soloman from Goldman Sachs and Jamie Dimon at JP Morgan Chase.
Barclays, HSBC and Lloyds Bank will also attend as Principal Partners of the Summit, which will celebrate “British Ideas – Past, Present and Future”, from the steam train to quantum computing. It will be followed by a reception at Buckingham Palace hosted by His Majesty the King.
The Prime Minister Rishi Sunak said:
Today’s investments, worth more than £29 billion, will create thousands of new jobs and are a huge vote of confidence in the future of the UK economy. Global CEOs are right to back Britain - we are making this the best place in the world to invest and do business.
From giving businesses the biggest tax cut in recent history last week, to our culture of innovation and thriving universities producing some of the finest minds in the world, ours is truly a nation of opportunity.
Attracting global investment is at the heart of my plan for growing the economy. With new funding pouring into key industries like clean energy, life sciences and advanced technology, inward investment is creating high-quality new jobs and driving growth right across the country.
The new wave of investments come after the Chancellor Jeremy Hunt unveiled the biggest business tax cut in modern history at last week’s Autumn Statement with a permanent extension of capital allowances, £4.3 billion of business rates support and a £7 billion Growth Fund.
It was also confirmed that Freeport tax reliefs would be extended from five to 10 years, with new government data confirming that UK freeports have attracted nearly £2.9 billion of investment in just two years, creating 6,000 jobs.
In a huge boost for Net Zero and the UK’s world-leading renewables sector, Iberdrola have confirmed £7 billion of investment as part of a total £12 billion programme for 2024-28, with North Star, owned by Partners Group in Switzerland, also committing £500 million and 400 new jobs to offshore wind infrastructure.
Fellow portfolio company Gren has also recently acquired a network of waste and biomass assets, which play a key role in baseload energy production and reducing waste to landfill. The company plans to invest up to £1 billion in district heating and local energy systems that will deliver affordable green energy to over 200,000 homes and thousands of businesses in the UK, with sites among others in Wick, Sheffield and Nottingham. The lucrative projects come on the back of a huge spike in inward investment for renewables in the UK, rising from £19 billion in 2021 to £55 billion in 2022, with 11,500 jobs being created in the industry last year alone.
Australia’s IFM Investors also intend to invest £10 billion over the next four years for large-scale infrastructure and energy transition projects.
IFM will sign an MoU with the Department for Business & Trade at the summit to identify commercially viable opportunities, with potential projects including Nala Renewables, a UK-based portfolio company within IFM, which is actively seeking investment opportunities in the UK as it looks to achieve a renewable capacity target of 4GW by 2025.
And in a further boost from Australia, Aware Super have committed more than £5 billion for projects in energy transition, affordable housing, life sciences, innovation, technology and digital infrastructure, just days after opening their new UK office.
The summit will also see billions for the UK’s burgeoning tech sector, which already attracts the highest levels of investment in Europe and last year became the third in the world to be worth $1 trillion.
Following the success of the UK Government’s first-ever AI safety summit, Microsoft has pledged £2.5 billion to build critical AI infrastructure, bringing more next-generation AI datacentres and thousands of graphic processing units to the UK. This will boost the UK’s AI Superpower status, which generated over £10 billion of revenue from AI companies last year.
The UK’s R&D scene will also see a £1 billion investment from the Ellison Institute of Technology into their recently announced Oxford Campus, bringing together global innovative thinkers through a new interdisciplinary research and development facility to help solve some of the world’s biggest challenges.
Oxford Quantum Circuits (OQC), which is showcasing at the GIS, has also announced it is raising $106 million (£85 million) for R&D projects. Quantum computing is a rapidly growing sector that has the most start-ups in Europe, and is destined for £2.5 billion of public and private investment under the Government’s National Quantum Strategy.
And BioNTech, an international leader in the biotechnology industry and developer of the first mRNA-based COVID-19 vaccine, has announced it intends to expand its global R&D activities with a new laboratory in Cambridge as well as a centre of expertise for Artificial Intelligence in London.
This will be implemented through a rolling 10-year investment of approximately £1 billion, creating an additional 400 highly skilled jobs. It follows a major agreement between the Government and BioNTech SE this summer to provide up to 10,000 patients with precision cancer immunotherapies by 2030.
A £1 billion investment from Dutch company Yondr will also turbocharge the UK’s tech and data capabilities, with a new 30MW datacentre in Slough that will create over 3,500 jobs, and clean energy-tech company Aira will also spur levelling up across the country by investing £300 million into heat pump rollouts, new jobs and upskilling.
The investment will support their goal of helping one million UK customers switch from gas boilers to heat pumps, create 8,000 green jobs and expand their Aira Academies to train and upskill plumbers and electricians for product installation.
And in a further boost for communities, PATRIZIA have announced £100 million for the development of highly sustainable affordable and social housing in England to increase supply of quality housing at affordable prices around London and the south east of England.
The programme has commenced with an investment to fund the development of 70 affordable homes in Milton Keynes.
In a move to spur even more innovation and investment, the Government is also announcing the creation of three new regulatory sandboxes for hydrogen-powered aviation, autonomous marine vessels and drones, with Innovate UK launching a £110 million Investor Partnership for UK science and tech SMEs.
The Department for Business & Trade have also convened an expert panel chaired by Professor Vanessa Knapp to explore options for a UK corporate re-domiciliation regime to make it easier for foreign companies to relocate to the UK.
The original press release is available here.
