The UK's highest growth sectors are gearing up for an inward
investment boost as a new, revamped Office for Investment will
provide enhanced high-end investor relations, commercial support
and tailored opportunities for those looking to invest in the
UK.
Today [5 June], Minister for Investment CBE will launch the
new Office for Investment which will be laser-focused on securing
investment to drive economic growth, job creation and
productivity across the UK, as part of the Government's Plan for
Change.
The enhanced Office for Investment will be aligned with the
Government's upcoming modern Industrial Strategy, prioritising
growth-driving sectors ranging from defence to clean energies, as
well as foundational sectors such as steel, critical minerals and
logistics.
It will also actively pursue and manage major investment projects
that support national growth missions and infrastructure
strategies, helping to make the UK the best investment
destination in the world.
Minister for Investment CBE said:
Securing investment is an integral part of this government's Plan
for Change, so I'm thrilled the Office for Investment will help
drive even more investment into the UK, supporting job creation
and boosting wages.
Aligning with our upcoming modern Industrial Strategy, the OfI
will deliver long-term growth right across the UK by providing
support and stability for investors, giving them the confidence
to plan not just for the next year, but for the next 10 years and
beyond.
By aligning investment resources under a single brand, the new
Office for Investment will reduce confusion for investors and
become increasingly proactive both at home and overseas in search
of new potential investors for the UK.
This announcement follows last year's record-breaking
International Investment Summit where the UK attracted £63
billion of new investments creating 38,000 jobs across the
country.
This builds on the latest PwC Global CEO Survey which rated the
UK as the 2nd best place in the world to invest, after the USA.
CEO of the London Chamber of Commerce and Industry Karim
Fatehi OBE said:
Setting a new course for the Investment Office has the potential
to drive greater investment in London and the rest of the UK -
creating jobs, building businesses and supporting economic
growth. To remain relevant in a competitive market we must create
the best conditions for international investors to succeed and
prosper in the UK.
The UK is already the most open, stable and connected economy in
the world. Securing trade deals with the United States,
India and a new agreement with the European Union demonstrates
the UK's commitment to free and fair trade, and how this
Government will support real change for the British people as
part of the Plan for Change.
The UK continues to attract major investments across a range of
sectors, including digital and technology, reinforcing its
position as a global innovation hub.
These investments include:
- £24 billion investment pipeline between The Crown Estate and
Lendlease, unlocking housing and science innovation hubs, with
26,000 new homes and 100,000 new jobs.
- £1 billion investment by logistics giant DP World to build
two new shipping berths at the firm's London Gateway port,
creating more than 400 permanent jobs.
- Universal's multi-billion-pound investment in a major new
theme park and resort in Bedford which is estimated to bring a
£50 billion boost for the economy and create around 28,000 jobs
across the creative, hospitality and construction industries.
- £10 billion partnership with OCBC, Singapore's second largest
bank to facilitate investment from the Asia Pacific region into
priority growth sectors including energy, infrastructure and real
estate.
- £4 billion investment by the Malaysian group YTL in the UK
over the next five years, which includes transforming the greater
Bristol area and delivering over 30,000 jobs across the UK.
- £200 million investment from European defence company MBDA,
creating 700 high-skilled jobs in Britain's defence industry.
- £50m investment deal between JATCO, Nissan and the Government
to build a new manufacturing site in Sunderland.
- £170 million investment by international manufacturer Knauf
Insulation in a new facility in Shotton, North Wales, creating
140 new jobs.
- £300 million investment from Rolls-Royce in the
expansion of their Goodwood facility to meet the growing
demand for bespoke upgrades.
- £500 million by JLR in its Halewood facility to enable the
production of electric vehicles, alongside existing combustion
and hybrid models.
- US company Knighthead's £3 billion regeneration project in
East Birmingham, creating 8,400 new jobs annually, paving the way
for a new 60,000-seater stadium alongside a sports campus of
training facilities, a new academy, and community pitches.
- Heathrow Airport announcing a multibillion-pound investment
programme to expand the airport, including new terminal
buildings, aircraft stands, passenger infrastructure and work
towards its third runway.
- $5 billion investment from Oracle to expand its cutting-edge
cloud infrastructure in the UK – an initiative helping to
position the UK at the forefront of the AI revolution.
- Vishay investing £250 million to establish the world's first
compound semiconductor facility.
Notes to editors:
- The Prime Minister also announced plans for an enhanced
Office for Investment just before the International Investment
Summit, building on the recommendations of the Harrington Review.
See PM's announcement here.
