UK Government has announced over £1.25 billion of inward investment from US finance companies, creating 1,800 jobs
- New US investments will create 1,800 jobs from Belfast to Edinburgh and boost benefits for millions of customers.
- Total of over £1.25 billion of private US investment committed to the UK’s world-leading financial services sector including PayPal, Bank of America, Citi Bank, and S&P.
- Demonstrates the enduring strength of the UK-US ‘golden corridor’ in financial services, with British banks expanding operations into the US and booming cross-border investment flows reinforcing that working with America is best for Britain.
- Deal lines up £20 billion in trade between the two nations – including an expected £7 billion commitment from BlackRock to grow in the UK.
London, Edinburgh, Belfast and Manchester are set to benefit from a wave of new US investment into the financial services sector, reinforcing the strength of the UK-US economic partnership ahead of next week’s Presidential State Visit.
The Westminster government says working with America is best for Britain — and today’s announcement proves it. A total of over £1.25 billion in private sector commitments from leading US firms — including PayPal, Bank of America, Citi Bank, and S&P Global — will support job creation, drive innovation, and deliver improved services for consumers in the UK.
US giants are capitalising on Britain’s leadership in financial services – expanding operations and opening new offices across the nation, with London, Edinburgh, Belfast and Manchester set to gain from a wave of skilled job creation.
Bank of America is set to create up to 1,000 new jobs in Belfast, marking its first-ever operation in Northern Ireland — a major milestone that underscores the region’s growing role in global financial services.
Citi Group today confirms it is investing £1.1 billion across its UK operations, including a further commitment to growing its presence in Northern Ireland where the bank is already one of the top employers in Belfast now employing over 4,000 people — firmly establishing Belfast as a major technology powerhouse.
BlackRock are celebrating the opening of their new Edinburgh office this week, which will see their 800-strong footprint nearly double, as part of their multi-billion dollar investment into the UK.
In Manchester, S&P Global are investing over £4 million into their Manchester offices which will support 200 permanent jobs to boost their nearly 3,000-strong UK workforce.
Business and Trade Secretary Peter Kyle said: “Today’s announcements reinforce the UK’s position as the world’s leading investment destination. Our financial services sector is at the heart of a modern, dynamic Industrial Strategy.
“Strengthening ties with the US boosts our economy, creates jobs, and secures our role in global finance, delivering on our Plan for Change.
“These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners, ahead of the US Presidential State Visit.”
This marks a significant vote of confidence in the UK’s position as a global financial hub and in the government’s plan to make Britain the best place in the world to invest — a vision underpinned by the UK’s Modern Industrial Strategy, which is driving investment into priority sectors like financial services.
These investments highlight the enduring value of the transatlantic relationship — a cornerstone of shared prosperity that supports millions of jobs and drives growth in every region.
Chancellor of the Exchequer Rachel Reeves said: “This commitment from America’s leading financial institutions demonstrates the immense potential of the UK economy, our strong relationship with the US and the confidence global investors have in our Plan for Change, which is making the UK the best place in the world to invest and do business.
“These investments will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom.”
Broadridge is making major investments into their new London office, further strengthening its UK presence and deepening transatlantic ties in financial services.
As part of the UK’s expanding fintech and digital innovation sector, PayPal is announcing a £150m investment in product innovations and growth that will benefit customers throughout the UK, reinforcing Britain’s position as a key market for the brand globally.
Jane Fraser, Citi Group CEO said: “Citi’s commitment to the UK runs deep. This is home to many of our most senior leaders and nearly 14,000 colleagues across London, Belfast, Edinburgh and Jersey.
“We’re proud to be serving 85% of the FTSE 100 and to have stood beside UK companies through every market cycle, raising capital, financing growth and helping them compete on the world stage.
“The UK isn’t simply one of our largest markets; it is core to Citi’s foundation as a truly global bank.”
The UK-US investment relationship has never been stronger, with over £1.2 trillion invested in each other’s countries at the end of 2023.
These new investment announcements are accompanied by new significant commitments by financial companies to ramp up their commercial activity and capital flows between our two economies in the coming years.
Blackrock is expecting to allocate over £7 billion to the UK market next year on behalf of clients, and is investing £500 million into enterprise data centres across the country.
Rothesay is planning to double its investment in the US (by £7 billion) over the next few years, and OakNorth is committing to increased capital and lending of over £3.5 billion to support its US operations.
British banks are expanding their US footprint; Barclays alone has deployed over $2 trillion in capital across the US in 2024 and continues to play a pivotal role in strengthening UK-US investment ties. The bank has an ambition to double this amount over the next decade, expanding its footprint and supporting growth across sectors.
All in all, that will see investment and capital commitments of over £8 billion coming to the UK, and over £12 billion going the other way, creating jobs and opportunity in both countries.
Earlier this year, the Chancellor launched the Financial Services Growth and Competitiveness Strategy, which included financial services as a high growth sector, signifying the UK’s commitment improving financial regulations and driving investment and skilled jobs into the UK.
The UK and US agreed an Economic Prosperity Deal which secured major tariff reductions for key sectors and protected jobs in the automotive and aerospace sector. Discussions continue with the US on a wider UK-US Economic Deal which will look at increasing digital trade, strengthen supply chains and boost access for our world-leading services companies.
BlackRock will open their new Edinburgh offices on 18 September, which shows their ongoing commitment to the area – this new home will allow Blackrock to grow from 800 to 1,400. Once complete, two of the top five largest BlackRock offices will be in the UK.
Larry Fink, Chairman and CEO of BlackRock, said: “As the largest asset manager in the UK, BlackRock is proud to serve over 13 million British people who are saving for retirement. Today we are announcing an investment of half a billion pounds into enterprise data centres across the country, advancing digital infrastructure for British-based businesses.
“In addition, over the last year our clients around the world invested over £7bn into UK public equity and fixed income securities. We expect this trend to continue, supporting jobs, growth and innovation across a wide range of British industries.”
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