Tag: investment

Invest in libraries, invest in communities: the cost of cuts is too high

An OPEN LETTER from ALISON NOLAN, chief executive officer of the Scottish Library and Information Council (SLIC)

Did you know that over the past decade, 53 public libraries across Scotland have closed their doors for good – without replacement ? 

The same public libraries which provide essential access to trusted information and education for all, which ignite a lifelong love of reading from early years, and which serve as warm, welcoming spaces where everyone is welcome without any expectation to spend. The same public libraries which, time and again, deliver enormous value to communities across the country, only to find themselves at risk when budgets are debated. 

I’ve written to councillors across Edinburgh, before crucial budget decisions are made for the next financial year, to remind them what investment in public libraries truly means.

At the Scottish Library and Information Council (SLIC), the advocacy body for Scotland’s network of over 500 public and mobile libraries, we understand the delicate financial situation that councils must navigate but we would urge those considering cuts to their library services to think again.

It’s no secret that the cultural sector is under unprecedented pressure but the narrative that austerity measures justify these cuts is shortsighted. This isn’t just a story of diminishing buildings and bookshelves; it’s a story of lives disrupted. 

These closures are deeply felt because libraries represent so much more than the sum of their parts. Public libraries remain the most popular service local government delivers. Closing these doors means cutting off opportunities — a cost far greater than any savings achieved.

Libraries are proven to deliver significant economic and social returns, with research from Suffolk Libraires revealing a £6.95 return of economic benefit for every £1 invested through improved literacy, better mental health and stronger communities. And of course, when this investment figure is flipped, we see that the closure of public libraries will result in the community losing out on £6.95 of economic and social benefit for every £1 that is invested elsewhere. 

The troubling trend of closures and cuts to library services across the country all too often disproportionately affects rural communities, exacerbating existing inequalities by stripping away vital access to education, digital resources and safe spaces for social interaction.

For these communities, libraries are not a luxury but a necessity. They provide essential services to support job applications, digital literacy training and social connection. To lose them is to deepen the isolation already felt by many.

Ask yourself: where else can citizens turn for support with their health, finances and employment? Libraries do it all under a single roof. They make real change to people in communities right across Edinburgh and play a central part in how the council brings about change. 

Libraries drive forward crucial national agendas including preventative health – with the Health on the Shelf research report showing they save NHS Scotland £3.2m every year, bridging the digital divide by offering free access to PCs, Wi-Fi and digital support for a range of essential services, and fostering social cohesion by hosting a diverse range of community events. And this is all in addition to their core function: to encourage reading and provide a range of trusted reference materials. 

As cuts and closures loom across the country, we’re urging local decision-makers to prioritise sustainable investment in libraries. Cutting library budgets is a false economy. The cost of losing libraries extends far beyond financial savings, impacting education, mental health and community cohesion. But it’s not just closures that we’re concerned about. 

The slow, salami-slicing effect that has been seen over recent years, with opening hours cut – decreasing by 13%, on average – budgets slashed and staffing numbers reduced is felt across communities, with 1 in 3 voicing fears that their whole service is at risk. 

Where councils have embraced the importance of libraries, the benefits are clear. 22 out of the 32 local authorities have not made any cuts to their library services in the last decade; instead, they are choosing to invest in their future, from creating learning hubs which have seen unprecedented loan figures, to developing dedicated ‘Maker Spaces’, reinforcing the role that libraries play as the originators of the sharing economy by offering access to emerging technology, such as 3D printers and laser cutters, as well as sewing and embroidery equipment. 

In a recent survey from the Association of Public Libraries in Scotland, over 93% agreed that using the public library improves their quality of life, reminding us of the immense value that a public library holds, evolving to meet the needs of modern Scotland with the emergence of whole-community assets that can be used by educators, small businesses, community groups, and individuals to help people right across Edinburgh achieve their potential, while retaining their fundamental purpose: to connect, inspire and empower. 

These services are a source of inspiration, but they remain the exception rather than the rule. To fulfil this potential, they need more than goodwill — they need sustainable funding. 

No other community asset can deliver the vast economic and social benefits that a thriving public library service can, and so we would urge decision-makers to prioritise investment in their communities.

Anything less would be a failure we cannot afford.

ALISON NOLAN

Chief executive officer of the Scottish Library and Information Council (SLIC)

Chancellor unveils plan to ‘turbocharge’ investment across UK

A package of investment reforms to spur regional growth across the country is being announced to attract investment in all corners of the UK

Ahead of her speech next week on economic growth, the Chancellor has announced a new approach across the National Wealth Fund (NWF) and the Office for Investment (OfI), which will work with local leaders across the UK to support places to build pipelines of incoming investment and projects linked to regional growth priorities.

This new approach will put local knowledge and leadership at the forefront, with tailored strategies for each region, ensuring investment matches local needs and drives sustainable growth. Putting the government’s Plan for Change into action, the goal is to harness growth everywhere to rebuild Britain and usher in a decade of national renewal.

The National Wealth Fund will also trial Strategic Partnerships starting in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region. These partnerships will provide enhanced, hands-on support with tailored commercial and financial advice to help regions develop and secure long-term investment opportunities.

This initiative will play a key role in unlocking investment across sectors such as technology, manufacturing, and green energy, helping to fuel the next wave of economic growth.

This builds on the positive impact the NWF has already had in supporting regional growth. In the last six months, the NWF has created 8,600 jobs and unlocked nearly £1.6 billion in private investment across various sectors, including green technologies, digital infrastructure, and manufacturing.

The news comes the same day as Regional Mayors are set to meet with the Deputy Prime Minister and other ministers from MHCLG, HMT, and DWP in Rotherham to discuss key regional priorities and how government can further support them to achieve their growth ambitions. This meeting will inform the government’s ongoing efforts to align national and local growth strategies and unlock investment opportunities in each region.

On top of this, OfI is working closely with local leaders and industry to turn regional growth plans into commercially attractive investment opportunities. Starting with Liverpool City Region and North East Combined Authorities, the OfI will pilot an approach that connects regions to central government and industry expertise to support them in unlocking private investment.

These initiatives will test how government can work in partnership with regions to see where investment can play a meaningful role in driving growth, which is the best way to improve living standards and put more money in working people’s pockets.

Launching this initiative in Scotland comes in recognition of the nation’s potential to drive forward ambitious projects in support of this government’s growth and clean energy missions.

The government is committed to working in close partnership with the devolved governments through the National Wealth Fund to maximise investment opportunities in Scotland’s cities to deliver growth.

Our cities have huge potential to drive improved living standards and spread opportunities across their wider regions. Bringing the productivity of major cities like Manchester, Birmingham, Leeds, and Glasgow to the national average would deliver an extra £33 billion in additional Gross Value Added (GVA) annually, contributing significantly to the government’s Plan for Change economic growth objectives.

The action today comes as the Chancellor returns from Davos, where she has been making the case for investment in the whole of the U.K. Since entering office, the government has been focused on restoring economic stability, which is the foundation of growth, to give businesses the confidence to invest and expand in the UK.

Securing investment is also central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.

Chancellor of the Exchequer, Rachel Reeves MP said: “At Davos I’ve been telling some of the world’s biggest investors that the U.K. is a safe bet for their investments, whether that’s in London or Leeds.

“And in our mission for growth, it’s critical that we are growing every region’s local economy, that’s why we are doing things differently.

“Those with local knowledge and skin in the game are best placed to know what their area needs, and our transformative reforms will put local leaders at the centre of a network that will connect them with investment opportunities, bringing wealth and jobs to their communities.”

Deputy Prime Minister, Angela Rayner said: “Growth is at the top of this government’s agenda, and we want to see that growth in every region across the country. That means giving local leaders the powers they need to get their local economies moving, which is exactly what we are doing with our Devolution Priority Programme.

“Today I am meeting with England’s regional Mayors to talk about how to realise their communities’ huge potential for growth – because they know their areas best.”

Business and Trade Secretary, Jonathan Reynolds said: “The UK is one of the most connected places in the world to do business, and investors should be in no doubt that Britain is back on the global stage, helping attract investment into the most productive parts of the UK economy.

“Our forthcoming Industrial Strategy will supercharge eight key growth sectors in the UK economy, unleashing the full potential of our cities and regions and giving businesses the certainty they need as we lead the charge for the innovation and jobs of the future.”

Scottish Secretary, Ian Murray said: “It’s fantastic to see that Glasgow has been chosen as one of four areas where the UK Government will develop investment pipelines. The move will see us engage with local leaders and tap into their expertise to find out exactly where we can best put to use support from avenues like the National Wealth Fund and Office for Investment.

“Encouraging regional growth is key to our Plan for Change, to speed up investment in business and industry, creating jobs and opportunity right across the UK.

“The potential for growth in Scotland is phenomenal and we’ll explore every opportunity to maximise that growth, to put more money in people’s pockets and see living standards improved everywhere.”

Further action to drive regional growth will also include a review of the Green Book, the government guidance on value for money, and how it is being used across the public sector to provide objective, transparent advice on public investment across the country. This review will report back at the conclusion of the Spending Review this summer.

There will also be a new senior taskforce, chaired jointly by HMT and MHCLG permanent secretaries, who will work with the Greater Manchester Combined Authority to explore further devolution opportunities in skills, transport, and business support.

The government will expand this engagement to other Mayoral Authorities through senior official working groups, to explore how national government can work with local leaders to ensure they have the appropriate levers available to deliver their Local Growth Plans and unlock economic growth across England.

Mayors are already delivering transformative outcomes, such as Greater Manchester’s Adult Skills Fund, which has supported 17,000 residents in accessing new learning opportunities, and the Bee Network, which is integrating public transport across the region.

This follows the English Devolution White Paper, published at the end of last year, which set out an enhanced devolution framework to ensure strategic authorities have the powers and tools they need to meet local growth ambitions.

Tracy Brabin, Mayor of West Yorkshire said: “This government knows that the best way to achieve its growth mission is by working with mayors and backing our Local Growth Plans to boost the economy in all parts of the country.

“With the National Wealth Fund based here in the heart of the North, driving forward transformational investments in partnership with local leaders, we will deliver the well-paid jobs and the vibrant, well-connected places our communities need and deserve.”

Mayor of Greater Manchester, Andy Burnham said: “Greater Manchester is growing faster than the UK economy but we have got so much more to give to UK plc.

“The reforms announced today will help us to do just that and go much further and faster in support of the national growth mission.

“We particularly welcome the opportunity to work with Government to review the Green Book and how it is used to steer public investment, as the current approach is not working for the North of England.”

Richard Parker, Mayor of the West Midlands said: “This is a great show of faith by the Government in our regions to deliver the growth and high-quality jobs the country needs. The West Midlands is a hotbed of innovation and business talent ready to support the Government’s mission for growth.

“With the Government, I’m focused on delivering growth and with plans for a gigafactory, and three Investment Zones secured, we’re already making progress on creating thousands of new jobs. At the same time I am equipping our people with the skills to succeed in the industries of the future such as advance manufacturing, life sciences and green technology. 

“With this new Strategic Partnership, the West Midlands will be one of the best places to do business, with an economy that creates real opportunities and benefits everyone across our communities.”

Cllr Susan Aitken, leader of Glasgow City Council and chair of the Glasgow City Region Cabinet said: “This is welcome recognition of the Glasgow City Region’s role as Scotland’s metro region, a vital motor in delivering prosperity and with a track record of securing and delivering on investment.

“Cities and city regions are the vital engine rooms of local and national economic growth and Glasgow’s selection as one of the four strategic partnerships to work with Government on maximising investment opportunities will, I’m sure, contribute to our ambition to become the most innovative, resilient and inclusive regional economy in the UK.”

Chancellor calls on watchdog bosses to tear down regulatory barriers that hold back growth

  • Chancellor pledges to work with regulators to develop ambitious reforms.    
  • Today’s summit marks the first in a series of meetings with the regulators ahead of publishing action plan.
  • Reeves welcomes initial ideas from regulators to boost innovation and investment, but pushes for more ambition.

The CEOs of key regulators were urged to ‘tear down regulatory barriers’ that hold back economic growth at a summit in the Treasury yesterday.    

In a meeting hosted by the Chancellor of the Exchequer and Secretary of State for Business and Trade, chief executives at watchdogs covering sectors including railways, water, energy, aviation were told that economic growth is the absolute top priority for the government, as part of the Plan for Change for put more money in people’s pockets.    

The meeting was the first in a series following a joint letter from the Prime Minister, Chancellor and Secretary of State for Business and Trade in December, in which the government asked the regulators to each propose five reforms to support growth in the coming year. Over the coming weeks, 17 regulators will be called in to have their proposals scrutinised as the government leaves no stone unturned to deliver growth.    

At yesterday’s meeting, the Chancellor told the regulators that they would have a key role to play in delivering growth by helping to create a regulatory environment that unlocks innovation and investment, supports businesses to thrive and allows much needed infrastructure to be built.    

The regulators agreed with the Chancellor that they have a role to play in driving growth but highlighted that there are some barriers, including the need to balance growth with their other legal responsibilities.    

The Chancellor noted that the regulators’ responsibilities had accumulated over time and said she was open to hearing about where this was preventing them from taking clear, consistent and balance actions to drive growth.

She emphasised the importance of leadership to deliver a mindset shift on regulation, calling on each of the CEOs in the room to institute cultural change based on helping to deliver growth instead of excessively focusing on risk. 

The Chancellor also promised that the government would work with them to develop and deliver important reforms by playing its part, including by making time for legislation where it is needed or using the upcoming Spending Review, and noted the Prime Minister’s promise to rip up regulation that blocks investment to make the regulatory regime fit for the modern age.    

The Chancellor was clear that while some of the proposals already put forward were promising, she wanted to see greater ambition and urgency to drive economic growth. She emphasised that fresh ideas were needed and noted that the Government will also ask industry to come forward with their own ideas to deliver a more growth supportive regulatory environment.    

She highlighted some specific and promising ideas she had heard from the regulators today. These included: driving greater responsiveness to business demands, particularly on planning and license applications; grant funding administered by Ofwat to drive innovation in the water sector supply chain; energy tariff reform; increasing access to rail operator efficiency data and innovative drone solutions which would unlock growth in the public sector.   

The regulators agreed to continue working with the government on their proposals reform ahead of publishing an action plan in Spring, and welcomed today’s strategic discussion. 

The Chancellor finished the meeting by reiterating that leadership matters, noting that every regulator would have to play their part to improve living standards across the country.    

Following the meeting, Chancellor of the Exchequer Rachel Reeves said: “There’s no substitute for growth. It’s the only way to create more jobs and put more money in people’s pockets, which is why it’s at the heart of our Plan for Change.     

“Every regulator, no matter what sector, has a part to play by tearing down the regulatory barriers that hold back growth. I want to see this mission woven into the very fabric of our regulators through a cultural shift from excessively focusing on risk to helping drive growth.”

Unleashing start-up talent

WOMEN ENTREPRENEURS A KEY FOCUS FOR INVESTMENT

A package of measures to help entrepreneurs start and grow their businesses will be delivered next year with funding in the draft Scottish Budget 2025/26.

As part of £15 million investment, at least £4 million will be invested to expand the number of women entrepreneurs by providing tailored support at the earliest stages of business creation.

The initiative contributes to overall spending of £34.7 million across entrepreneurship, innovation and social enterprise – a 50% increase on 2024/25. This includes continued investment in Techscaler, the Scottish Government’s flagship programme for tech start-ups. There will also be a new round of the Ecosystem Fund and a new fund to further develop clusters in sectors such as life sciences, digital and advanced manufacturing. 

Deputy first Minister Kate Forbes visited Gut Wealth, an Edinburgh-based start-up, to discuss founder Gemma Stuart’s experience of starting a business. Gut Wealth was a recent winner at the Scottish Government-supported Scottish EDGE awards.

The Deputy First Minister said: “This Budget commitment demonstrates that the Scottish Government stands squarely behind this and future generations of business talent. I want everyone, from every walk of life, to feel encouraged and supported in taking the first steps on their entrepreneurial journey.

“A growing, thriving start-up ecosystem is vital to a strong and growing economy and I want to make Scotland the best place in the world for founders to launch and grow a start-up business.

“Taking a close steer from Ana Stewart and and Mark Logan’s report into encouraging more women start their own businesses, the Scottish Government and our partners are building an end-to-end support network to ensure entrepreneurs are helped at each stage of their journey. Gemma’s success story is one that we are can, must and will replicate.”  

Founder of Gut Wealth Gemma Stuart said: “I have big ambitions to help people suffering with digestive ill-health to live life a bit more freely from the pain and shame of gut troubles. I’m proud to be scaling my business in Scotland as part of the thriving ecosystem here.

“In the last two years, I’ve accessed vital guidance and support from Business Gateway, Scottish Enterprise, AccelerateHER, RBS Accelerator and most recently Scottish EDGE to help me scale.

“I’ve built a strong network of founders and I’m especially grateful for the other female founders who have helped educate me on raising funds and shared opportunities.” 

International Investment Summit secures £63 billion and nearly 38,000 jobs for the UK

  • Total of £63 billion of private investment committed around International Investment Summit, more than doubling amount secured at 2023 Global Investment Summit
  • New investments today include £6.3 billion in UK data centres as well as world class UK university Imperial College London
  • Innovative investment projects announced over the last month across infrastructure, renewables and life sciences will create close to 38,000 new jobs across the UK

Nearly 38,000 UK jobs are set to be created across the UK after a total of £63 billion of investment was announced around today’s International Investment Summit, turbocharging growth and innovation across the country. 

The record-breaking total figure more than doubles the £29.5 billion committed at last year’s Global Investment Summit and spans partnerships across the infrastructure and tech sectors, including over a billion pounds in new investments announced today by DP World, Associated British Ports (ABP) and Imperial College London. 

Through serious, stable governance, the UK is attracting tens of billions of pounds of new investment which is crucial to the government’s driving mission of delivering economic growth. Today’s historic figure demonstrates that businesses have confidence in Britain as a place to invest. 

The investments follow immediate action taken by the new government to reform planning, focus on AI and data centre expansion, and set a clear commitment to net zero by almost doubling the funding for renewable energy projects. 

Four major tech firms based in the US have today announced £6.3 billion in UK data centres which is critical to enhancing the UK’s AI capacity – in turn fuelling Britain’s economic growth and spurring on AI development. Data centres store the vast amount of information and data needed to power AI, and store the information generated by AI to keep the systems running. 

ABP, the UK’s largest port operator, has committed over £200 million to a joint investment with ferry company Stena Line in a new freight ferry terminal at the Port of Immingham, significantly boosting the capacity and resilience of UK trade with Europe. It is expected to create around 700 jobs during construction and around 200 permanent jobs once operational. 

Leading UK university Imperial College London is also today announcing a £150 million investment to secure a new R&D campus to add to its rapidly expanding deep tech ecosystem in West London. The new campus will expand scale-up capacity in the WestTech Corridor, supporting the UK’s innovation sector and driving investment, economic growth and job creation. 

Business and Trade Secretary Jonathan Reynolds said: “Global investors should be in no doubt that under this new government Britain is truly the best place to do business. The record-breaking investment total secured at today’s Summit marks a major vote of confidence in the UK and our stability dividend across industry and innovation.

“We’re determined to deliver economic growth in every part of the UK and these investments, together with our forthcoming Industrial Strategy, will give global businesses the certainty they need as we lead the charge for the innovation and jobs of the future.”

Chancellor of the Exchequer Rachel Reeves said: “After the investments secured as part of this summit, my optimism for Britain burns brighter than ever. It’s a sign of the confidence in the British economy.

“And it matters because it will support the growth of businesses big and small across the U.K. Helping them create new jobs and making people better off.

CEO of ABP Henrik L. Pedersen said: “We are delighted that the Development Consent Order (DCO) for the Immingham Eastern Ro-Ro Terminal (IERRT) has been granted in a timely way by the Secretary of State to allow us to move forward with investment.

“The IERRT project is a key component of our strategy to strengthen the UK’s supply chains and improve trade connectivity, whilst also bringing substantial economic benefits including the creation of hundreds of jobs during construction and ongoing operations.

“IERRT forms part of the intended £5.5bn pipeline of UK investment we have in front of us over the next 10 years and we look forward to working closely with the Government to deliver the right conditions to realise this investment.”

President of Imperial College London Hugh Brady said: “Imperial College London is investing in its ambitious vision for a new globally competitive deep tech innovation ecosystem in West London.

“The Imperial WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level supported by the Government’s emerging Industrial Strategy.

See below for a list of all the investments announced in the run-up to and during yesterday’s International Investment Summit:

  • Iberdrola doubling their investment in the UK, through Scottish Power, from £12 billion to £24 billion over the next 4 years. This includes £4 billion for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan CBE confirmed on Friday that the UK has become their largest Investment destination. 
  • Blackstone confirmed a £10 billion investment in Blyth, Northumberland to create one of the largest artificial data centres in Europe, creating 4,000 jobs, including 1,200 roles dedicated to the construction of the site. 
  • Amazon Web Services announced an £8 billion investment last month which is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as construction, facility, maintenance, engineering and telecommunications. 
  • CCUS investors (including Eni, BP and Equinor) reached a commercial agreement with the government that will unlock £8 billion of private investment to launch carbon capture clusters in the heartlands of the North West and North East of England, directly creating 4,000 jobs and supporting 50,000 jobs in the long-term. 
  • Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8 billion (Orsted) and £2.5 billion (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.  
  • CyrusOne, a leading global data centre developer headquartered in the United States, announced plans to expand their investment into the UK to £2.5 billion over the coming years. Subject to planning permission, the two data centres should be operational by Q4 2028, projected to create over 1,000 jobs both directly and within its immediate design and construction value chain.   
  • Octopus Energy have committed to a £2 billion investment in renewable energy generation, including four new solar farms in Bristol, Essex, East Riding of Yorkshire and Wiltshire that will power up to 80,000 homes as well as breaking ground on a new 12 MW battery in Cheshire which Octopus say will store enough power for nearly 10,000 homes every day. 
  • SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, and expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger. 
  • CloudHQ is developing its new state-of-the-art £1.9 billion data centre campus in Didcot. The hyper-scale data centre is currently in development and will help meet the UK’s growing demand for AI and machine learning. It will create 1,500 jobs during construction, and 100 permanent jobs once fully operational.  
  • Macquarie supporting investment of £1.3 billion into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network. 
  • ServiceNow also confirmed its commitment to the UK market, with plans to invest £1.15 billion into its UK business over the next five years. The investment will not only support the future development of AI in the UK, expanding its data centres with Nvidia GPUs for local processing data, but also support new office space as the company significantly grows into employee base beyond its current headcount of 1,000 employees.  
  • Manchester Airports Group is investing more than £1.1 billion in London Stansted Airport to expand its existing terminal by around a third, help secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs. This includes around £600 million to extend the terminal and £500 million to deliver a suite of improvements to the existing terminal building and wider airport estate. 
  • Eren Holdings confirmed a £1 billion investment in the redevelopment of Shotton Mill in Deeside, North Wales which is set to become the UK’s largest recycled paper manufacturing campus. This is expected to safeguard 147 jobs and create a further 220 when the site is fully commissioned. 
  • Network Rail and London & Continental Railways are creating a new property company which will attract additional private and public sector investment with the potential to deliver brownfield regeneration schemes across the rail estate with a value exceeding £1 billion. 
  • CoreWeave is building on its £1 billion investment announced in May and the opening of its European headquarters in London by investing a further £750 million-plus in the UK to support the demand for critical AI infrastructure. The investment in the UK is CoreWeave’s second largest investment in a country following the USA.  
  • DP World are investing up to £1 billion in their London Gateway container port operation. This new investment will fund two additional berths and a second rail terminal. Once built, the berths will add vital transport capacity and increase the resilience of UK supply chains, enabling businesses to access domestic and international markets and supporting the Government’s growth and decarbonisation missions. 
  • Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for civil and defence nuclear industries. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years. 
  • BW Group proceeding with a £500 million investment, which includes new battery energy storage projects in Hampshire and Birmingham. 
  • Eli Lilly and Company is collaborating with government through a memorandum of understanding which will see the pharmaceutical giant intending to commit £279 million to tackle significant health challenges – including obesity. Lilly also plans to launch the first ‘Lilly Gateway Labs’ innovation accelerator in Europe to support early-stage life sciences businesses to develop transformative medicines and technologies. 
  • Associated British Ports (ABP), the UK’s largest port operator, has announced a £200+ million investment in a new freight ferry terminal at the Port of Immingham, boosting the capacity and resilience of UK trade with Europe. This is expected to create around 700 jobs during construction and 200 permanent jobs once operational. 
  • Imperial College London investing £150 million to build The WestTech Corridor – a new innovation ecosystem in West London which will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level. 
  • Haleon has received planning permission to develop a new £130 million Global Oral Health Innovation Centre in Weybridge, Surrey. This state-of-the-art facility will primarily support Haleon’s global oral health business by developing new products that advance consumers’ better everyday health. 

Industrial Strategy launch to ‘hardwire stability for investors’

  • The Business Secretary and Chancellor announce steps to deliver long-term growth through a modern Industrial Strategy, including appointing a Chair of the new Industrial Strategy Advisory Council 
  • The Industrial Strategy will create a pro-business environment and play to the UK’s strengths, focusing on eight growth driving sectors including creative industries and financial services  
  • Business Secretary Jonathan Reynolds pledges an end to instability “our modern Industrial Strategy will hardwire stability for investors and give industry the confidence to plan for the next 10 years and beyond” 
  • Clare Barclay, CEO of Microsoft UK, will chair government’s new Industrial Strategy Advisory Council, which will provide expert advice developed in partnership with business, unions, and stakeholders from across the UK 
  • Announcements come ahead of International Investment Summit which will bring together business leaders from around the globe to boost investment and growth 
  • Government is also asking for business to help shape the industrial strategy with a green paper to develop the plans in partnership 

The next generation of British industry has been fired-up and readied to reignite our industrial heartlands and kickstart economic growth, as the Government launches the first Industrial Strategy in seven years. 

Business and Trade Secretary Jonathan Reynolds and the Chancellor of the Exchequer Rachel Reeves have published a green paper to kickstart delivery of the Government’s modern Industrial Strategy. The strategy will drive long-term growth in key sectors that is sustainable, resilient and distributed across the country.   

Announcing the eight growth sectors will be the focus of the Strategy, alongside naming the new Industrial Strategy Advisory Council’s chair, the Business Secretary has promised to ‘give investors a ten year plan to choose Britain’.  

The key sectors the government will focus its modern Industrial Strategy are on advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services. 

The green paper, which will be published tomorrow on the day of the International Investment Summit, will bring together UK leaders, high-profile investors and businesses from across the world. There, Reynolds is expected to tell delegates the Industrial Strategy will put Britain back on the global stage and help attract investment into the most productive parts of the UK economy.  

Business and Trade Secretary Jonathan Reynolds MP said: “Our modern Industrial Strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond.  

“This is the next step in our pro worker, pro business plan which will see investors and workers alike get the security and stability they need to succeed. 

“Clare’s wealth of talent and experience will help ensure the Industrial Strategy delivers its mission of unleashing the potential of high productivity sectors to spur growth, spread wealth, and drive-up employment across the UK.”

Chancellor of the Exchequer Rachel Reeves MP said: “I have never been more optimistic about our country’s potential. We have some of the brightest minds and greatest businesses in the world. From the creative industries and life sciences to advanced manufacturing and financial services. 

“This Government is determined to deliver on Britain’s potential so we can rebuild Britain and make every part of the country better off.”

Clare Barclay, CEO of Microsoft UK, will chair the Industrial Strategy Advisory Council. The Council will inform the development of the Industrial Strategy through its expertise and latest evidence, working with business, trade unions, devolved governments, local leaders, academia and stakeholders.  

In the King’s speech the Government committed to putting the Council on a statutory footing – giving it powers and responsibilities and ensuring it will be permanent and independent.  

Ahead of establishing a statutory body, we are introducing an interim advisory Council. The first Council meeting and announcement of full membership is expected in the coming weeks.   

Microsoft UK CEO Clare Barclay said: “As Chair of the Industrial Strategy Advisory Council, I will ensure the Council provides a clear and strong voice on behalf of business, nations, regions, and trade unions, as we invest for the future to ensure that our prosperity is underpinned by robust growth in key sectors right across the country. 

“Whilst we fully embrace the industries of today, we must also have a clear plan for future growth, and the Advisory Council will play a central role in shaping and delivering this plan.”

The government has also identified eight growth-driving sectors for the Industrial Strategy, focusing on sectors the UK excels in today and will excel tomorrow.  

Over the last 25 years, the top 30% of sectors ranked by productivity in 1997 were responsible for generating roughly 60% of the economy’s entire productivity growth. That’s why our Industrial Strategy will channel support to sectors and geographical clusters that have the highest growth potential for the next decade. 

Our strategy will create a pro-business environment to capture a greater share of internationally mobile investment in strategic sectors and motivate domestic business to boost their investment and scale up their growth. 

Businesses up and down the country will also be invited to respond to the Industrial Strategy Green Paper, which will be published tomorrow.  

The consultation will provide stakeholders with the opportunity to inform the Strategy’s continued development and ensure it delivers tangible impact to people and communities right across the UK.  

Views are sought from business, international investors, unions and any other interested parties, on the overall vision, approach to growth sectors and the policy levers needed to drive investment.   

Make UK CEO Stephen Phipson said: “We live in a world which is massively different to a decade ago and simply leaving the economy and, industrial strategy, to the free market is an ideology which is long past its sell by date.

“This is a welcome first step in addressing the achilles heel of the economy which has left the UK an outlier among advanced countries. It sets out a clarity of vision for how the resources of Government and, in particular, each department can be convened towards a single objective of long term growth across all regions.  

“With the welcome announcement of the Industrial Strategy Advisory Council Chair and, the Council being put on a statutory footing, industry will no longer fear the constant chop and change in policy we have seen over the last decade or so and can focus on the long term – it is important that the Government is delivering on its promises.”

WPP CEO Mark Read said: “WPP supports the Government’s objective to create and foster an investment environment that drives long-term growth.

“As a global marketing services company, we believe that the UK’s world-leading creative industries, powered by new technologies like AI and exceptional talent, can continue to play a key role in further advancing the UK’s investment case on the global stage.”

Airbus UK Chairman John Harrison said: “Airbus welcomes the inclusion of advanced manufacturing in the Government’s Industrial Strategy as a vital opportunity to build on the successful partnership between government and the aerospace sector.  

“As one of the most technologically advanced businesses in the UK, we also welcome the strong focus on innovation, which is crucial to driving future growth and maintaining the UK’s global competitiveness in aerospace and defence.”

For businesses to invest and thrive they need confidence in their supply chains. So, we are also establishing a new supply chains taskforce in government that will work to assess where supply chains critical to the UK’s economic security and resilience – including those in the growth driving sectors outlined in the industrial strategy – could be vulnerable to disruption.

The taskforce will ensure that government works with business to address these risks, building the conditions required to deliver secure growth. 

The UK Government wants the UK to be a prime investment opportunity for business. The Industrial Strategy, and the Industrial Strategy Advisory Council, will be key to giving investors the solid foundation on which to build. 

Prime Minister puts investment at the heart of first Council of the Nations and Regions

Leaders from across the UK will come together in Scotland next Friday (11 October) as the Prime Minister convenes the first Council of Nations and Regions.

  • Prime Minister convenes leaders from across the UK for Council of the Nations and Regions in Scotland on Friday 11 October.
  • Council to focus on maximising opportunities to deliver investment and growth across the UK.
  • Comes as speakers are confirmed for the UK Government’s inaugural International Investment Summit.

Leaders from across the UK will come together in Scotland next Friday as the Prime Minister convenes the first Council of Nations and Regions. 

Three days ahead of the International Investment Summit, the first Council will focus on investment and growth and is a key moment to ensure everyone is collectively playing their part to maximise the opportunity the Summit presents for the whole of the UK.  

The Council brings together First Ministers, Northern Ireland’s First Minister and Deputy First Minister and regional Mayors from across England, as the UK Government forges new partnerships, resets relationships and seizes the opportunity to secure long term investment with the aim of boosting growth and living standards in every part of the UK. 

Prime Minister Keir Starmer said:  I’m determined to bring forward a new era of stability, trust, and partnership with businesses, investors, Devolved Governments, and local leaders to boost the economy and restore the UK’s reputation one of the best places in the world to do business.

“I’ve set out that we will be doing things differently, and that’s exactly why we are delivering our promise to convene the first Council of the Nations and Regions as we work as one team to maximise opportunities ahead of the Investment Summit.

“No more talking shops of the past. Genuine, meaningful, and focused partnership to change the way we do business, redefine our position on the world’s stage, and unlock the whole of the UK’s untapped potential to make everyone, everywhere better off.”

Tracy Brabin, Mayor of West Yorkshire, said: “This new era of genuine partnership working between the Government and Mayors will help us to unleash the potential of our great regions and boost growth. 

“Mayors are champions of their regions at home and abroad, attracting investment, creating good jobs, and putting more money in people’s pockets. Our investments in transport, skills and homes, create the right environment for growth by connecting businesses to the talent and finance they need to succeed.

“Through partnership working and by listening to business, we’ll deliver the long-term investment our country needs to shake off stagnation and face the future with confidence.”

Local leaders as well as Heads of the Devolved Governments have also been invited and are expected to attend the International Investment Summit to forge new partnerships with businesses to unlock growth in every corner and every community across the UK.

The UK Government led inaugural International Investment Summit is expected to be opened by the Prime Minister where he will take part in an in conversation event with Eric Schmidt – the pioneer behind Google’s transformation from start up to one of the world’s most powerful companies. 

 Eric Schmidt, Former CEO & Chairman of Google KBE said: “Artificial intelligence represents one of the most transformative technologies of our time. It will change how economies everywhere function, and it will determine which countries stay competitive in the decades to come.

“Last year, when the UK hosted the first global summit on AI safety, the country displayed its commitment to being a leader in responsible innovation. Now, it has the opportunity to go even further and articulate a vision for the future where the UK is a hub for world-class talent.

“I’m looking forward to discussing with the Prime Minister how we can drive even greater investment in research and education to ensure the UK stays at the forefront of these technological breakthroughs.”

The Summit will gather UK leaders, high-profile investors and businesses from across the world at a historic venue in central London – with confirmed speakers including Ruth Porat President & Chief Investment Officer, Alphabet and Google, Alex Kendall, CEO of Wayve and Bruce Flatt, CEO of Brookfield Asset Management. 

The event will provide an opportunity for the Government to establish enduring partnerships with businesses to boost investment in the UK and to give investors the certainty and confidence they need to drive growth.  

It will be sponsored by Barclays, HSBC, Lloyds, M&G plc, Octopus Energy, and TSL.   

Today’s announcement follows the Government confirming funding this week to launch the UK’s first carbon capture sites in Teesside and Merseyside.

In a boost for economic growth and protecting the environment, the new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, sustain important British industry, and help remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.

C.S. Venkatakrishnan, Group Chief Executive, Barclays said: The International Investment Summit is an important opportunity for the Government to build further investor confidence based on its priorities for driving UK economic growth.   

“The UK’s stability, skills and history of innovation make it an attractive investment destination. The private sector has an important supporting role in helping the economy.  Barclays has made its largest ever capital investment in the UK to drive economic growth and we continue to connect both domestic and international investors with opportunities across the country.”

Georges Elhedery, Group CEO, HSBC said: “From SMEs to multinational corporates, UK companies’ enterprise, expertise and innovation present huge opportunities for partnership and economic growth.

“With our long history of helping UK customers trade with the world and international customers to invest in the UK, HSBC is pleased to support the International Investment Summit.”

Charlie Nunn, Group Chief Executive, Lloyds Banking Group said: “The UK business environment remains an innovative and dynamic destination for investors and global talent, and we are proud to support the International Investment Summit.

“Lloyds works with corporate and institutional clients from the UK and across the world – generating jobs and growth, attracting inward investment, and increasing exports.  These are essential ways we are helping Britain prosper.”

Andrea Rossi, CEO, M&G plc said: “The UK has a clear national mission to drive economic growth and back wealth creation across every region of the country.

“At M&G, we have actively invested in the UK for 175 years, driving progress and helping people, businesses and communities thrive. We continue to support a range of companies, invest in critical infrastructure and play our part in boosting regional economies.

“The International Investment Summit is a crucial moment to put the UK back on the investor map, showcase market opportunities and reinforce how business and government can work in partnership.”

Greg Jackson, CEO of Octopus Energy said: “The UK is the vanguard of green innovation, brimming with the talent and technology needed to accelerate the global energy revolution.

“By investing in British renewables and clean tech, we’re not just creating greener energy for people but driving the solutions that will power the world. The International Investment Summit is a great opportunity to showcase the UK’s climate leadership and revolutionise the sector.”

Jackie Wild, TSL Group CEO said: “We are delighted to be a partner to the International Investment Summit. We founded TSL more than two decades ago with the vision of creating a British export model of technical engineering and construction excellence.

“We are proud to be delivering projects for international clients across the world to power the fourth industrial revolution. 

“In addition, through the creation of SmartParc, our cutting edge, investable platform for food industry change, we continue to facilitate inward investment into the UK’s food industry to safeguard our national food security.”

Forth Green Freeport submits business case

The Forth Green Freeport has submitted its full business case to the UK and Scottish Governments.

Commenting on the submission of the FBC, Sarah Murray CEO of Forth Green Freeport, said: “This is a key milestone. Our detailed FBC will, following approval, help unlock the important seed capital required to accelerate the opportunity to attract inward investment into the Forth Green Freeport areas.

“This is a long-term project and through our thorough economic analysis, we know it will deliver significant benefits to both the local communities and the country as a whole.

“I am proud to lead this project, working in collaboration with our committed partners, to deliver this major economic regeneration opportunity.

“Although our FBC submission is a great step forward, we still have plenty to do over the coming months including the appointment of a strong delivery team.”

Dame Susan Rice DBE, Chair of Forth Green Freeport, said: “Our FBC outlines in fine detail how we will deliver our shared vision.

“Through strong public and private partnership and robust governance, Forth Green Freeport operates with the highest level of integrity which will be further reflected in our robust Fair Work and Investment Principles and our  commitment to decarbonising the Forth area and to deliver for the local communities.

“The seed funding will be wisely invested to ensure that we maximise business growth in areas of underdevelopment to breathe new life into them and open opportunity for everyone.”

City council Leader Cammy Day said: “In another milestone for the Forth Green Freeport, the case has now been made to government.

“If approved, around £25million in seed funding will be triggered which will deliver major economic benefits to the region. For instance, money will be invested towards land preparation works to pave the way for a 30-hectare facility at the Port of Leith, leading to its emergence as a centre for offshore wind manufacturing and logistics. We’ve already received interest from potential manufacturers, and we’re keen to get moving.

“The full business case recognises the huge potential of our coastline and the untapped international trade and export capabilities of the Forth. The whole project presses for the innovation, regeneration and well-paid jobs we need to tackle our climate crisis and we hope that the UK and Scottish Governments agree when they respond to the Freeport early next year.”

Find out more at the Forth Green Freeport. 

Chancellor announces £8 BILLION Amazon Web Services investment

REEVES VOWS TO MAKE EVERY PART OF BRITAIN BETTER OFF

  • Chancellor Rachel Reeves secures a planned £8 billion investment from Amazon Web Services which is estimated to support around 14,000 jobs per year across the UK.
  • The Chancellor will welcome the announcement as part of the Government’s mission to boost growth, unlock investment and make every part of Britain better off.
  • Rachel Reeves will say the Government’s mission to ‘fix the foundations of our economy has only just begun.’

Chancellor Rachel Reeves has today [11 September] confirmed an £8 billion investment from Amazon Web Services which is estimated to support thousands of jobs across the UK.

The Chancellor secured the planned five-year investment last week at a meeting with Amazon Web Services.

The investment is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as construction, facility maintenance, engineering and telecommunications, as well as well as other jobs within the broader local economy.

AWS estimates that these investments in the UK will contribute £14 billion to the UK’s total Gross Domestic Product (GDP) from 2024 to 2028.

Rachel Reeves will welcome the announcement as part of the government’s long-term mission to boost growth, unlock investment and make every part of Britain better off.

Speaking from a University Technical College in Silverstone today, which works with Amazon Web Services to introduce students to the skills required to enter the digital infrastructure industry, the Chancellor will warn that ‘change cannot happen overnight’ and ‘two quarters of positive economic growth will not make up for fourteen years of stagnation under the previous government.’

Chancellor of the Exchequer, Rachel Reeves said:  “I am under no illusion to the scale of the challenge facing our economy and I will be honest with the British people that change will not happen overnight.

“Two quarters of positive economic growth does not make up for fourteen years of stagnation under the previous government.

“However, this £8 billion investment marks the start of the economic revival and shows Britain is a place to do business. I am determined to go further so we can deliver on our mandate to create jobs, unlock investment and make every part of Britain better off.

“The hard work to fix the foundations of our economy has only just begun.”

Amazon Web Services Vice President and Managing Director, Europe, Middle East & Africa (EMEA), Tanuja Randery said: “The next few years could be among the most pivotal for the UK’s digital and economic future, as organisations of all sizes across the country increasingly embrace technologies like cloud computing and AI to help them accelerate innovation, increase productivity, and compete on the global stage.

“AWS is proud to announce our plans to invest £8 billion in digital and AI infrastructure over the next five years to help meet the growing needs of our customers and partners, and support the transformation of the UK’s digital economy.”

AWS do not release the exact location of their data centres for security reasons, but these centres are servicing London and the West and so are located in areas that facilitate this.

The government is also actively engaged in conversations with the company about investments in other parts of the UK.

Today’s investment announcement comes ahead of this year’s UK International Investment Summit on 14 October, where the UK will bring together the world’s most important companies and investors, demonstrating how the UK’s offer is the best in the world, with political and economic stability, a strategic government partnering with businesses, a proper trade strategy, and policies designed to enable growth.

Britain is open for business: Chancellor visits North America in investment drive

  • Rachel Reeves to bang the drum for Britain in visit to New York City and Toronto this week.
  • Chancellor to share her vision for growth and champion UK sectoral strengths across financial services, clean energy and infrastructure to investors and CEOs.
  • Trip to build momentum for the International Investment Summit on 14 October.

Chancellor Rachel Reeves has visited New York and Toronto this week with the message that Britain is open for business.

She met with CEOs and senior representatives from major players across the US and Canada’s foremost industries, highlighting that early steps taken by the government to fix the foundations and restore economic stability makes the UK an attractive destination for investment.

Chancellor of the Exchequer Rachel Reeves: “I’ve wasted no time in my first month in office in taking the difficult decisions necessary to fix the foundations of our economy, so we can rebuild Britain and make every part of the country better off.

“That means restoring economic stability so we can attract the investment needed to create good jobs, boost wages, and improve opportunity across Britain.

“There is no credible plan for growth without private sector investment. That’s why I’m breaking down barriers at home and banging the drum for Britain abroad as we gear up to host the International Investment Summit.”

While in New York, the UK’s first female Chancellor of the Exchequer met with Wall Street leaders and host a reception to celebrate women in finance.

The US is the UK’s biggest financial services trading partner, with UK exports to the US valued at £23.4bn annually. The sector is at the heart of the government’s core mission to deliver sustainable economic growth as a jewel in the crown of the UK economy and one of its success stories, contributing almost 10% of UK GVA and employing 1.2 million people.

In Toronto, the Chancellor met with names in the world of clean energy and infrastructure. The government’s mission to make Britain a Clean Energy Superpower will bring opportunities for economic growth whilst helping the UK meet its target of clean power by 2030.

That mission has started in earnest with the creation of Great British Energy to partner with the private sector and secure the investment needed to accelerate the transition, the sweeping away of barriers to onshore wind farms, and a record £1.5 billion budget for this year’s renewable energy auction to get Britain building green.

During her time in the US and Canada, Reeves has pointed out that the government has moved quickly to create a stable environment where businesses have the confidence to invest in the UK.

This has included reform of a planning system that has long frustrated investment, ending the ban on on-shore wind and the establishment of a National Wealth Fund, backed by £7.3 billion to catalyse further private investment in our world-leading green and growth industries of the future.

The UK is already Europe’s leading hub for investment, with UK markets raising more capital than the next two highest European exchanges combined in 2023.

The Chancellor visited North America with a renewed purpose to build upon this, with it being announced yesterday that Britain is to play host to the International Investment Summit on 14 October.

In doing so, Ms Reeves is looking to deepen the strong economic relationship between Britain and the two North American countries.

The United States is the largest source of foreign investment in the UK and the UK is the third largest investment destination for Canadian companies, whom invested more than $73 billion of FDI stock in 2021.