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International Investment Summit delivers £63bn boost and 38,000 jobs for the UK

October 15, 2024

The UK secures £63 billion in investments and nearly 38,000 jobs through the International Investment Summit, with major commitments in tech, green energy, and infrastructure.

The UK is set to create nearly 38,000 jobs and attract £63 billion in investment following the International Investment Summit, which focused on infrastructure, technology, and net zero initiatives.

This year’s record-breaking total more than doubles the £29.5 billion secured at last year’s Global Investment Summit.

The government attributed the surge in investment to planning reforms, expansion of AI and data centre infrastructure, and increased funding for renewable energy projects.

Among the major announcements, Blackstone committed £10 billion to build one of Europe’s largest data centres in Blyth, Northumberland, creating 4,000 jobs. Meanwhile, Octopus Energy pledged £2 billion to build four new solar farms and a battery in Cheshire, supporting green energy generation for 80,000 homes.

Imperial College London revealed a £150 million investment to develop a new research campus as part of its DeepTech ecosystem in West London. Additionally, CCUS giants Eni, BP, and Equinor secured £8 billion in private investment to launch carbon capture projects, supporting 50,000 jobs in the long term.

CyrusOne, CloudHQ, and CoreWeave announced significant data centre investments, collectively amounting to billions, while SeAH Wind expanded its Teesside operations with £225 million for wind manufacturing, creating 750 jobs.

In the healthcare and life sciences sectors, Eli Lilly announced a £279 million partnership with the government to address obesity and launch its innovation accelerator for early-stage life sciences companies in Europe.

Holtec, a US-based nuclear engineering firm, will invest £325 million in a South Yorkshire factory to support the civil and defence sectors, creating 1,200 engineering jobs over two decades.

Business and Trade Secretary Jonathan Reynolds called the investment a “major vote of confidence in the UK,” highlighting the forthcoming Industrial Strategy as a framework for sustained growth. Chancellor Rachel Reeves echoed this optimism, stating that the investments secured at the summit reflect confidence in the UK economy and will drive job creation across industries.