- Rachel Reeves meeting with tech and financial services CEOs as part of 3-day trip across US and Canada, making the case that Britain is open for business.
- Chancellor sets new ambition for data centres throughout the country to power growth, generate jobs and secure investment.
Global investors have already begun to confirm their attendance at the UK’s International Investment Summit on 14 October during meetings with the Chancellor.
Rachel Reeves 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, Rachel Reeves 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 Rachel Reeves 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 Jonathan Reynolds 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.
