Sunak unleashes £29bn investment to make UK ‘best place in world to do business’

Rishi Sunak has unveiled more than £29 billion of investment in the UK ahead of a major summit.

The Prime Minister and Business Secretary Kemi Badenoch will host more than 200 top chief executives at the Global Investment Summit at Hampton Court Palace on Monday.

Mr Sunak hailed the multi-billion cash injection in innovative sectors as making Britain a top destination for business, adding that it is central to his growth plan.

He said: “Today’s investments, worth more than £29 billion, will create thousands of new jobs and are a huge vote of confidence in the future of the UK economy.

“Global CEOs are right to back Britain – we are making this the best place in the world to invest and do business.

“From giving businesses the biggest tax cut in recent history last week, to our culture of innovation and thriving universities producing some of the finest minds in the world, ours is truly a nation of opportunity.

“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.”

Ms Badenoch added that the £29.5 billion pledged is “yet another huge vote of confidence in our dynamic, pro-business and highly innovative economy and proves that our plan for growth is working”.

She said: “The numbers speak for themselves: we have the third highest levels of inward investment in the world at $2.7 trillion, we’re number one in Europe for new investment projects, and last year alone we created 107,000 jobs through inward investment.

“People want to invest in a country with vision, ideas and growth, and our summit showcases all these qualities and proves why the UK is the most exciting and innovative place in the world to invest.”

The £29.5 billion is triple the sum raised at the last global investment gathering in 2021.

The investment is expected to create thosands of new jobs in sectors such as tech, life sciences, renewables, housing and infrastructure.

The summit at the historic location is being attended by bosses from companies including Blackstone, Aviva, Goldman Sachs and JP Morgan Chase.

It will be followed by a Buckingham Palace reception hosted by the King.

It comes after Chancellor Jeremy Hunt used the autumn statement to cut taxes for businesses and unveiled a £4.5 billion funding plan to turbocharge the manufacturing sector.

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