Global investors have already begun to confirm their attendance
at the UK's International Investment Summit on 14 October during
meetings with the Chancellor.
is meeting with the CEOs of
BNY Mellon, Blackstone and CyrusOne in New York, who all
confirmed their attendance at the summit later this year as she
carries the message that Britain is open for business.
Having taken early difficult decisions to address an inherited
£22 billion black hole in the public finances, the Chancellor
made the case she has wasted no time in prioritising economic
stability and instigating growth-led reforms of the UK economy,
once again making it an investment destination for global
businesses.
Reeves championed the UK's strengths during her meetings,
including its globally recognised higher education system with
four of the world's top ten universities, its fourth place
ranking for innovation in the Global Innovation Index, and its $1
trillion tech sector – the largest in Europe.
As part of her 3-day trip to the US and Canada, is also meeting with
CoreWeave where she will set out for the first time a new
government commitment to encouraging the building of data centres
throughout the UK, to boost growth and create jobs.
The Deputy Prime Minister is already reviewing two appealed
planning applications for data centres in Buckinghamshire and
Hertfordshire as part of the government's commitment to make the
economic benefit of development a central consideration when
intervening in the planning system – changes made by the
Chancellor in her first speech just four weeks ago.
Data centres are central to the digital economy, housing the data
that modern life is built on, and will continue to play a vital
role in supporting the increasing use of cloud-based applications
and storage by businesses and consumers, and the rollout of
5G.
It is estimated the sector employs around 17,000 people, with
data centre operators generating an estimated £4.6 billion of
annual revenue a year.
Chancellor of the Exchequer said:
“The message is clear: Britain is open for business. And as more
investors sign up for our International Investment Summit, it
shows they believe it too.
“They recognise we have taken some difficult decisions to fix the
foundations of our economy and set us on a path to sustained
economic growth as government's number one mission – it is only
by doing so that we can capitalise on Britain's immense
investment potential.
“By rebuilding Britain we can make every part of the country
better off. Aiming to have datacentres across the country is part
of that. We are already reviewing two planning applications in
the South East, but I'm determined to see new digital investments
up and down the UK.”
Business and Trade Secretary said:
“Investment is vital for creating jobs and bringing economic
growth to every part of the country. Seeing global investors back
the UK is a vote of confidence in our economy, and shows we are
an investment destination of choice.
“This summit is an important opportunity to show Britain is back
on the world stage and build long-term relationships that will
boost investment across the UK in the months and years ahead.”
During her visit to Toronto on Wednesday, Reeves will meet with
Mark Carney to discuss the development of the National Wealth
Fund (NWF) ahead of the International Investment Summit.
The Chancellor convened a meeting of the National Wealth Fund
Taskforce – of which Mr Carney is a member – to launch the NWF
just days after taking office, as an immediate commitment to the
government's new partnership with business and to support a new
Industrial Strategy.
Backed by £7.3 billion of public investment to focus on priority
sectors, the NWF stands to catalyse billions in private
investment into our world-leading green and growth industries,
with its aligning of key institutions creating a more compelling
and certain offer for investors. The Chancellor and Mr Carney are
expected to discuss the importance of rapid progress on the NWF
as a key tenet of Britain's pitch at the International Investment
Summit.
