Nearly 38,000 new jobs are expected to be created across the UK following the announcement of a record £63 billion investment at today’s International Investment Summit. This landmark commitment more than doubles the £29.5 billion secured at last year’s Global Investment Summit, demonstrating robust investor confidence in the UK’s economic potential.
The investments span various sectors, including infrastructure, technology, and life sciences, with significant contributions from major players. Notable among these is a £6.3 billion investment from four major US tech firms dedicated to enhancing data centres in the UK, a critical move to bolster the nation’s artificial intelligence (AI) capacity. These data centres will store vast amounts of information necessary for AI development and operation, thereby fuelling economic growth.
Additionally, Associated British Ports (ABP) has pledged over £200 million towards a new freight ferry terminal at the Port of Immingham in collaboration with Stena Line. This investment is set to enhance trade capacity and resilience between the UK and Europe, expected to create around 700 jobs during construction and approximately 200 permanent positions once operational.
Imperial College London has also announced a £150 million investment to establish a new research and development campus in West London. This initiative aims to expand the university’s deep tech ecosystem, further supporting the UK’s innovation sector while driving economic growth and job creation.
Business and Trade Secretary Jonathan Reynolds remarked, “Global investors should be in no doubt that under this new government, Britain is truly the best place to do business.” He highlighted that the record-breaking investment signifies a major vote of confidence in the UK’s stability across various industries and innovations.
Chancellor of the Exchequer Rachel Reeves shared similar sentiments, stating, “After the investments secured as part of this summit, my optimism for Britain burns brighter than ever.” She underscored the significance of this investment in supporting both large and small businesses across the country, aiding them in creating new jobs and enhancing the overall prosperity of the nation.
The new government has actively pursued reforms in planning and prioritised investments in AI and data centre expansion while committing to net zero goals by significantly increasing funding for renewable energy projects.
Henrik L. Pedersen, CEO of ABP, expressed delight over the timely granting of the Development Consent Order (DCO) for the Immingham Eastern Ro-Ro Terminal project, stating, “The IERRT project is a key component of our strategy to strengthen the UK’s supply chains and improve trade connectivity.” He added that the project would not only create hundreds of jobs during construction but also contribute significantly to the economy in the long term.
Hugh Brady, President of Imperial College London, emphasized the university’s commitment to fostering a competitive deep tech innovation ecosystem in West London, highlighting that the Imperial WestTech Corridor would serve as a catalyst for investment and inclusive economic growth at various levels.
With this substantial influx of investment, the UK aims to not only bolster its job market but also solidify its status as an attractive destination for global investors, fostering innovation and economic stability for years to come.
