July 16, 2024

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Rishi Sunak to trumpet UK investment pledges at global business summit

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Rishi Sunak will on Monday highlight nearly £30bn of long-term investment pledges by international companies at a major business event intended to showcase Britain’s appeal to global investors.

More than 200 executives are set to attend the summit in London including Blackstone boss Stephen Schwarzman, Goldman Sachs chief executive David Solomon, JPMorgan’s Jamie Dimon and Aviva’s Amanda Blanc.

The Global Investment Summit is part of the government’s drive to boost investment in the UK and kick-start the economy, which the Bank of England has forecast will flatline until 2025.

The Hampton Court Palace event comes days after Sunak and chancellor Jeremy Hunt gave businesses a £11bn-a-year tax break in the Autumn Statement by making the “full expensing” capital allowance regime permanent.

Sunak will claim the £29.5bn figure unveiled at Monday’s conference is triple the amount of money “raised” from the last summit in 2021 and that the investments will create thousands of jobs.

“Today’s investments . . . will create thousands of new jobs and are a huge vote of confidence in the future of the UK economy,” the UK prime minister will say.

The biggest investment pledge is from IFM Investors, a major Australian infrastructure investor, which said it intended to spend £10bn over the next four years on large-scale UK infrastructure and energy transition projects.

David Neal, chief executive of IFM, which manages $140bn, said: “We’re proud to sign this memorandum of understanding with the UK government, which is a signal of the confidence IFM and Australian superfunds have in the UK as a place to invest.”

Just last month IFM, a large shareholder in Manchester airport, said it had cooled on making further major investments in the UK because of government dysfunction and inefficient planning processes.

IFM’s chief…

2023-11-26 17:32:58

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