UK Government Unveils £29.5 Billion of Investment at Global Business Summit
On Monday, UK Prime Minister Rishi Sunak announced £29.5 billion ($36.8 billion) of private sector investment in Britain at a gathering of global executives intended to showcase Britain’s appeal to global investors.
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 – which could create thousands of new jobs and drive growth across the country.
Sunak hopes his efforts to attract foreign investors will help revive the ailing British economy.
The new wave of investments come after the Chancellor of the Exchequer, 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.
As outlined by Hunt last week, the government wants to offer certainty to business by committing more than £4.5 billion in targeted funding to back the long-term future of the UK’s world-leading manufacturing industries – automotive, aerospace, clean energy and life sciences. This includes support for batteries and industries undergoing fundamental changes to remain at the forefront of the global transition to net zero.
Sunak commented: “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.”
