A £4 billion investment by YTL businesses in the UK over the next
five years includes transforming the greater Bristol area and
delivering over 30,000 jobs across the UK.
The announcement comes as Malaysian Prime Minister Dato' Seri
Anwar Ibrahim is in London today [Wednesday 15 January] to meet
Prime Minister and officially launch one of
the largest brownfield developments in the UK alongside
Investment Minister .
Business and Trade Secretary hailed the investment as
another huge vote of confidence in the UK that shows how the
Government's Plan for Change is delivering economic growth and
‘the power of investment to transform our cities and give working
people the security they deserve'.
Malaysian-owned YTL announced around £2 billion of the total
investment will go towards the Brabazon Bristol development,
which comprises of 6,500 homes, three new schools and a
19,500-capacity arena, conferencing and exhibition space.
According to YTL, the development will deliver more than 30,000
jobs, with the remaining £2 billion invested in YTL's UK
businesses over the next five years.
Business and Trade Secretary said:
“This investment is incredible news for the UK and will create a
generational transformation for North Bristol, delivering
infrastructure, new schools and creating thousands of new homes
and jobs in the region.
“By creating the right conditions and giving investors the
confidence they need to make big investments in Britain, our Plan
for Change is delivering economic growth and showing the power of
investment to transform our cities, and give working people the
security they deserve.”
The Chancellor of the Exchequer said:
“This investment is what our Plan for Change is all about.
Investment that will boost growth, create good jobs and
shows that the UK is open for business.
“It builds on the £600m of investment I secured in China last
week, and the success of last year's record-breaking
International Investment Summit, demonstrating global confidence
in our economy.
“We will continue to go further and faster to kick start growth
to make all parts of the country better off.”
Trade Minister will host his Malaysian
counterpart Tengku Zafrul Aziz in the first ministerial-led Joint
Economic and Trade Committee (JETCO) on Thursday to explore ways
to increase our trade and investment relationship in priority
areas including legal services, education, agriculture and
SMEs.
UK-Malaysia trade stood at almost £6 billion in the year to June
2024. This could grow further now the UK has joined the
Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP), giving us our first formal free trade
agreement with Malaysia.
Through CPTPP, Malaysian investors have greater certainty when
investing in the UK, with the agreement ensuring that Malaysian
and UK investors receive fair and equal access to each other's
markets.
Notes to editors
-
In 2016, YTL Power acquired the disused Filton Airfield and
associated Brabazon Hangars just north of Bristol. This
380-acre site is the largest brownfield development site in
the South West and one of the largest in the whole of the UK.
YTL is developing the site into a new town called Brabazon,
and the iconic hangars, formerly home of the supersonic jet
Concorde, will be turned into a major state-of-the-art arena,
conferencing, and entertainment complex.
-
In November 2024, YTL obtained planning approval to deliver
6,500 homes, three schools, three hotels, 2,000 student beds,
a retirement village, a new railway station and 60 acres of
commercial development focused on high tech, aerospace and
university facilities. The entertainment complex will include
a 19,500 capacity carbon neutral arena, conferencing and
exhibition space and a futuristic family entertainment
attraction.
-
The Brabazon development is being constructed in the South
Gloucestershire local authority area, just north of
Bristol.
