Official UK government announcements or major financial news outlets

UK Launches £60 Billion Industrial Strategy, Including £1.1 Billion Investment Creating 5,000 Jobs, Ahead of Investment Summit

Oct 14, 2024, 09:45 AM

The UK government has launched a modern Industrial Strategy aimed at fostering long-term economic growth and stability for investors, coinciding with the International Investment Summit in London. Prime Minister Keir Starmer announced that the summit is expected to yield over £60 billion in investment deals, significantly surpassing the £28 billion secured at a similar event under the previous Conservative administration. The strategy focuses on key sectors such as life sciences, digital technologies, and infrastructure, with the goal of creating approximately 5,000 jobs through a £1.1 billion investment in Stansted Airport. Starmer emphasized that Britain is 'open for business' and highlighted the importance of a pro-growth approach to attract global investors, including major firms like JP Morgan and Goldman Sachs. The Chancellor, Rachel Reeves, also confirmed plans to cap corporation tax at 25% to provide economic certainty and announced that more than £60 billion of 'shovel-ready' investments have been confirmed, marking a significant step toward revitalizing the UK's economy.