Prime minister to unveil multibillion-pound investment plan for ‘12,000 new jobs’
A multibillion-pound investment plan which promises to create more than 12,000 new jobs in the UK is expected to be announced by the prime minister on Monday.
Rishi Sunak will be joined by some of the world’s biggest business leaders and investors at a summit at Hampton Court Palace, London.
The prime minister will say investment of £29.6bn is a step forward in the government’s ambition to level up parts of Britain and will secure projects in tech, life sciences, housing and renewable energy.
It comes as Chancellor Jeremy Hunt unveiled around £20bn of business and personal tax cuts in the government’s autumn statement last week, which he dubbed a “statement for growth”.
Mr Sunak said: “Today’s investments, worth more than £29bn, will create thousands of new jobs and are a huge vote of confidence in the future of the UK economy.
“Attracting global investment is at the heart of my plan for growing the economy. With new funding pouring into key industries like clean energy, life sciences and advanced technology, inward investment is creating high-quality new jobs and driving growth right across the country.”
But there are still stark warnings from the UK’s independent spending watchdog that the country is still poised to face the highest tax burden since the Second World War.
And Britons are still on track to see a further fall in living standards, the Office for Budget Responsibility has warned.
Business and Trade Secretary Kemi Badenoch said: “Today is yet another huge vote of confidence in our dynamic, pro-business and highly innovative economy and proves that our plan for growth is working.”
But Labour said the government’s investment policy had been a “total failure”.
Jonathan Reynolds, Labour’s shadow business and trade secretary, responding to the government’s announcement on the Global Investment Summit, said: “The past 13 years of Conservative government have been a total failure on growth and business investment marked by a complete lack of stability, consistency and ambition which has turned potential investors away from Britain.
“Only Labour has the plans to create the step change needed, working in partnership with business and investors, through our Industrial Strategy, Green Prosperity Plan and commitment to get Britain building again.”
Economic activity returned to expansion in November as an improvement in the services sector helped lift the UK economy, but experts warned recession remained a real possibility.
The pause in interest rate hikes, which have been left on hold for two consecutive meetings, offered some relief to firms.
Mr Sunak earlier hailed Nissan’s decision to invest more than £1bn to build electric cars in Sunderland as a “massive vote of confidence” in Britain.
The Japanese carmaker confirmed it will make its latest electric Qashqai and Juke models at its factory in the North East alongside the next generation of the electric Leaf, which is already produced there.