Regional Investment Summit speech by Chancellor Rachel Reeves - Oct 21

Chancellor of the Exchequer Rachel Reeves delivered her Regional Investment Summit speech on Tuesday 21 October 2025.

"Thank you very much Peter… 

…and thanks to Richard for hosting us here in Birmingham for the UK's first ever Regional Investment Summit. Thank you, Richard. 

Over the summer, I went on a tour across the regions and nations of our great country 

…to see our growth mission in action. 

I visited JP Morgan who are investing £350 million in their Bournemouth campus… 

…Haven holiday parks in Kent who recently made a £140 million upgrade and welcomed a record 3.7 million visitors this year… 

…and GoCardless' new office in Leeds - delivering the high-skilled jobs in the city that I have represented as an MP for 15 years. 

Now, my daughter loved the visit to Haven so much that she asked to go back… 

…unfortunately I have yet to get my kids interested in financial services though.

Now, every day on that tour, I saw a country primed for economic success. 

Britain as we all know, is home to some of the brightest talent and most innovative businesses… 

…ready to seize opportunities and to build and to grow. 

But I also saw the obstacles that businesses face in getting ahead. 

Our economy is not broken. 

But I do accept that for too many people it's not working as it should. 

Bills are too high… 

…businesses often don't have the tools that they need to succeed… 

…and people are feeling that they put more in but they're getting less out. 

That has to change. 

At the Budget last year we fixed the foundations of our economy, returned stability to our economy… 

…and at the Budget next month we will take the necessary steps to secure those foundations and that stability for the future.

It is a future that we must build, and we will, build hand-in-hand with business. 

Setting direction through our modern Industrial Strategy and 10 year infrastructure strategy. 

A new relationship between business and government to tackle barriers to our competitiveness and to provide certainty for investment. 

Our skills strategy published by Bridget Phillipson yesterday – 

launching a vision for developing the skilled workforce our economy needs. 

And our reforms to the visa system led by Shabana Mahmood – 

Where last week we extended the Global Talent route to capture the best minds from a wider variety of sectors… 

…made our innovative-founder route a seamless transition for those already in the UK… 

…and improved our High Potential Individual visa route to include graduates from more of the world's best universities.

We are boosting British exports around the world through our trade deals with India, the European Union and the United States… 

…where just last month the US State Visit secured a record £150 billion of investment in the UK economy… 

…creating more than 7,000 jobs in industries from Biotech to AI. 

And last week in DC I launched the Office for Investment: Financial Services… 

…a concierge service offering bespoke support to international firms establishing or growing their presence in the UK.  

We increased the financial capacity of the British Business Bank to over £25 billion to help support more small businesses to start up and to scale up here in Britain… 

…and we created Britain's first National Wealth Fund. 

We've announced over £15 billion for city region transport including here in the West Midlands…  

…and £250m across our five Defence Growth deals… 

…including in Sheffield, where it went alongside more than £400 million pledged to Sheffield Forgemasters… 

…safeguarding the production of steel in Britain. 

And we're investing in the Oxford-Cambridge Growth Corridor, thank you to Patrick Vallance for all your work on that… 

…where we are today publishing a brand-new prospectus of investor opportunities.

But let me rewind back to a year ago… 

…when we hosted the International Investment Summit in London. 

I want to tell you what some of the £63 billion of investment committed then is achieving today. 

Eren Holdings announced investment in North Wales – 

In June they held a jobs fair for 200 new positions. 

Haleon announced a new production facility in Weybridge – 

In July they broke ground. 

And at the start of this year, we launched the AI action plan and Kyndryl announced they were creating 1000 jobs in Liverpool over the next three years - 

Today we have Niall and Lamine in the room… 

…two young people, whose apprenticeships were a direct result of that investment, that is the difference we are making … 

…and those young people are now being trained in one of our industries of the future.

This morning, I want to talk about the next step in that journey. 

How we are regulating our economy for growth, 

How we are overturning the old approach to public investment, 

And how the investment made by the people in this room is transforming our economy, our country. 

I believe that a strategic state must know when to intervene… 

…but they also must know when to get out of the way. 

We cannot expect businesses like yours to flourish and grow… 

…if we are not willing to do our bit as your government.  

In March this year, the Prime Minister pledged that we would cut the administrative costs of regulation by 25%. 

A reduction that I can today announce will save businesses £6 billion a year by the end of this Parliament - 

That's an average of 200 hours of admin time per business in Britain. 

Time that can be much better spent on securing new orders… 

…and money better invested in the workforce, and in new technology.

Only weeks into office we ripped up the planning rules - 

And the Planning and Infrastructure Bill now in Parliament will deliver over £2 billion in savings to businesses over the next 10 years – and can I now praise the work of Angela Raynor and now Steve Reed in driving that forward… 

And already, this government has approved more major infrastructure projects in one year than any previous government. 

Our new food and farming agreement with the EU will slash red tape for businesses… 

…and today we're going further to reduce corporate reporting requirements… 

…scrapping needless form-filling for tens of thousands of businesses… 

…and taking the savings to businesses from our reforms to over £1 billion a year already.

Because our vision for overhauling the regulatory system isn't just about cutting admin time… 

…it's about regulating proactively to support innovation and investment… 

…and so today I can announce three new reforms to boost competition and make the UK a top destination for global capital. 

First, we will consult on a cross-economy AI sandbox… 

…modelled on the success of the FCA's pioneering Fintech sandbox… 

…to allow new AI products to be developed under supervision by regulators… 

…accelerating approvals for the use of AI in sectors like legal services, planning assessments and advanced manufacturing. And I want to thank Liz Kendall for her work in that area. 

Second, the Civil Aviation Authority will publish an investor roadmap… 

…outlining the steps to launching commercial drone operations by 2027… 

…technology that has the potential to generate up to £66 billion in business revenues over the next 25 years… 

…and transform everything from surveying sites for development… 

…to delivering blood supplies for the NHS as already trialled at Guy's and St Thomas' and I want to thank Heidi Alexander for her work as Transport Secretary in this innovation…

And third, we will reform the panels that review company mergers… 

…and provide greater certainty on whether transactions will be subject to merger control… 

…and I'd like to thank the CEO of the Competition and Markets Authority, Sarah Cardell, for all the work that she and her team are doing to support this. 

These are the right choices to grow our economy and to unlock the power of investment… 

…and to create the environment so that businesses can invest with confidence  

Now, this is a regional investment summit… 

…and I want to tell you why that matters.

[political redaction]

…and I have heard from many people in this room… 

…including Mayor Steve Rotheram… 

…about how the Treasury's own manual on value for money – the Green Book - was used against them… used against our regions  

…to downplay the importance of local outcomes… 

…and the potential of targeted regional investment. 

I have always believed that the only viable strategy for growth is one that rests on strong and broad foundations… 

…with the contribution of every part of our country. 

And so, in my review of the Green Book earlier this year, I announced our new place-based business cases. 

And today I'm pleased to announce that Liverpool, Plymouth, Port Talbot and Birmingham… 

…will be the first four locations to trial this new way of looking at the reinforcing effects of different investments.

And we are transforming public funding too, through our Public Financial institutions. 

Later today I will open a meeting of CEOs across the public investment landscape to discuss how they will work together to support regional growth… 

…complemented by investments made by the National Wealth Fund… 

…as well as three new allocations from the Local Innovation Partnership Fund: 

Including in Manchester – in the Victoria North urban regeneration project and the Trafford heat network 

In West Yorkshire – through the delivery of Mass Transit and the Leeds Southbank project to expand Leeds City Centre 

And in Glasgow – supporting the Clyde Metro and the Advanced Manufacturing Innovation District, bringing together universities and cutting-edge manufacturing 

And in the West Midlands – investing in Greenpower park as well as Birmingham Sports Quarter, a £3 billion investment with a new stadium for Birmingham City at its heart… 

…and I particularly want to thank Tom Wagner of Knighthead and Mayor of the West Midlands Richard Parker… 

…who have been working tirelessly to turn that project into a reality.

And there is more work being led by our fantastic leaders in other regions. 

In the West of England, the Mayoral Combined Authority are investing £38m towards two new train stations in one of their five Strategic Growth Zones. 

In the North East, a new Mayoral Development Zone in Newcastle will accelerate new homes and commercial premises… 

…with over £2 billion of investment opportunities. 

In Cambridge and Peterborough, the £211 million Cambridge South station is due to open in the new year… 

…and the Peterborough Station Quarter regeneration will unlock employment space and 600 new homes. 

And in the East Midlands, where Homes England and the Combined Authority are launching procurement for a partner for the Broad Marsh regeneration project in Nottingham city centre… 

…which will deliver 1000 new homes and create 2000 jobs. 

Our mission is clear: 

To create the right environment for investment through our regulatory reforms, 

To crowd in capital through our public financial institutions, 

And to break down silos to collaboration on local projects… 

…supporting innovation and growth throughout the UK.

Over the last year, the UK has welcomed billions of pounds of foreign investment… 

…in addition to the domestic investment made by businesses, including in this room, every single day. 

And these are not just numbers. 

They are higher wages. 

New homes. 

And the transport, energy and digital infrastructure that underpins our nation. 

Earlier this year we published the final report of the Pensions Investment Review. And I want to thank the Pensions Minister, Torsten Bell, for his work. 

Alongside it, 17 of the UK's largest pension funds signed the Mansion House Accord - 

an agreement by our most powerful investment institutions to put more money into boosting the UK economy. 

I met with the 20 leaders of those funds earlier today… 

…alongside the Local Government Pension Schemes and three major insurers… 

…to launch the Sterling 20. 

A brand-new investor-led partnership set up to invest in British assets… 

…support our frontier sectors… 

…And drive returns for British savers. 

At our first meeting this morning, we discussed their investment plans… 

…£2 billion from Legal and General… 

…for social and affordable homes, road and rail upgrades and backing start-ups. 

£85 million from NEST… 

…bringing gigabit-capable broadband to under-served areas in Scotland and northern England… 

…and investing in Energy-to-Waste plants in Staffordshire and in Durham… 

… generating renewable power for tens of thousands of homes. 

And later today, we'll be hosting a delegation of Australian Superfund CEOs responsible for more than £2 trillion worth of assets. 

Only yesterday, Australian Super announced a new £500 million investment fund… 

…as part of its plan to invest £8 billion into the UK over the next five years.

This is just the start of what the investment is committed as part of today's summit will mean. 

Good jobs - 

Thousands of jobs thanks to the Crown Estate's new project at Harwell East – unlocking £4.5 billion of investment for our economy. 

200 jobs in West Bromwich, where Freshways Dairy is announcing a new facility, 

And jobs just down the road from here in Solihull which will soon be connected by the metro extension – where ATOS are opening a new AI development hub.  

It will mean homes and services for people in their daily lives- 

From Welltower, who are investing £6.4 billion in thousands of new places in elderly care… 

…so that people can get the right support for their loved ones. 

£1.5 billion from Unite Students… 

Including a £650 million partnership with Manchester Met and Newcastle Universities 

…delivering accommodation for 4,500 students… 

…and freeing up local housing for families. 

And £200 million from Blackstone invested in the Birmingham National Exhibition Centre – a gateway for culture and for commerce. 

And it will mean a deepening expertise in our cutting-edge industries - 

In September, Schneider Electric began production at its £42 million manufacturing facility in Scarborough, 

Two weeks ago, Convatec announced a £500 million investment in a state-of-the-art R&D hub in Manchester, 

Lloyds Banking Group declared Bristol as its AI Capital, 

And just today, Cummins has announced £30 million of investment in manufacturing in Daventry, helping secure our energy supply chains, 

Whilst Woven Capital, Toyota's growth-stage investment arm, has announced that it will build its European growth capital team here in the UK… 

With an investment allocation of up to £300 million for innovative start-ups and scale ups.

I do not - and I will not - take for granted the confidence put in Britain by investors – the people in this room – have shown today and over the last year. 

You have backed Britain and you have backed our regions. 

And I will not squander that trust. 

I know that there is further to go until we have delivered economic growth in every part of Britain… 

…Growth is felt in every part of Britain. 

We will go further to boldly regulate for growth… 

…not hold business back with arbitrary rules. 

We will continue to rewire public funding… 

…so that it considers local growth outcomes. 

And we will collaborate with leaders throughout our country… 

…councillors, mayors, investors and business leaders… 

…who knows what needs to be done to unlock the potential of their regions. 

The prize is clear. 

An economy that works for everyone… 

…where businesses have the resources that they need… 

…and where people have the tools for their success. 

Affordable energy in our homes, 

Good jobs for our children, 

High streets regenerated. 

That is the power of investment. 

That is the power of regional growth. 

And it is what today is all about. 

Thank you very much."