- Bolstered OfI redoubles UK efforts to secure investment to drive economic growth as part of Government’s Plan for Change.
- Since taking Office, Government has welcomed around £100bn in investment into the UK, with employment rising by almost 500,000 jobs.
- New office ensures investment pitch aligns with UK’s modern Industrial Strategy, targeting investors in high-growth and foundational sectors.
- Minister for Investment launches new Office with pitch to staff after PwC Survey rates UK as the 2nd best place in the world to invest.
The UK’s highest growth sectors are gearing up for an inward investment boost as a new, revamped Office for Investment will provide enhanced high-end investor relations, commercial support and tailored opportunities for those looking to invest in the UK.
Today [5 June], Minister for Investment Baroness Gustafsson CBE will launch the new Office for Investment which will be laser-focused on securing investment to drive economic growth, job creation and productivity across the UK, as part of the Government’s Plan for Change.
The enhanced Office for Investment will be aligned with the Government’s upcoming modern Industrial Strategy, prioritising growth-driving sectors ranging from defence to clean energies, as well as foundational sectors such as steel, critical minerals and logistics.
It will also actively pursue and manage major investment projects that support national growth missions and infrastructure strategies, helping to make the UK the best investment destination in the world.
Minister for Investment Baroness Gustafsson CBE said:
Securing investment is an integral part of this government’s Plan for Change, so I’m thrilled the Office for Investment will help drive even more investment into the UK, supporting job creation and boosting wages.
Aligning with our upcoming modern Industrial Strategy, the OfI will deliver long-term growth right across the UK by providing support and stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.
By aligning investment resources under a single brand, the new Office for Investment will reduce confusion for investors and become increasingly proactive both at home and overseas in search of new potential investors for the UK.
This announcement follows last year’s record-breaking International Investment Summit where the UK attracted £63 billion of new investments creating 38,000 jobs across the country.
This builds on the latest PwC Global CEO Survey which rated the UK as the 2nd best place in the world to invest, after the USA.
CEO of the London Chamber of Commerce and Industry Karim Fatehi OBE said:
Setting a new course for the Investment Office has the potential to drive greater investment in London and the rest of the UK – creating jobs, building businesses and supporting economic growth. To remain relevant in a competitive market we must create the best conditions for international investors to succeed and prosper in the UK.
The UK is already the most open, stable and connected economy in the world. Securing trade deals with the United States, India and a new agreement with the European Union demonstrates the UK’s commitment to free and fair trade, and how this Government will support real change for the British people as part of the Plan for Change.
The UK continues to attract major investments across a range of sectors, including digital and technology, reinforcing its position as a global innovation hub.
These investments include:
- £24 billion investment pipeline between The Crown Estate and Lendlease, unlocking housing and science innovation hubs, with 26,000 new homes and 100,000 new jobs.
- £1 billion investment by logistics giant DP World to build two new shipping berths at the firm’s London Gateway port, creating more than 400 permanent jobs.
- Universal’s multi-billion-pound investment in a major new theme park and resort in Bedford which is estimated to bring a £50 billion boost for the economy and create around 28,000 jobs across the creative, hospitality and construction industries.
- £10 billion partnership with OCBC, Singapore’s second largest bank to facilitate investment from the Asia Pacific region into priority growth sectors including energy, infrastructure and real estate.
- £4 billion investment by the Malaysian group YTL in the UK over the next five years, which includes transforming the greater Bristol area and delivering over 30,000 jobs across the UK.
- £200 million investment from European defence company MBDA, creating 700 high-skilled jobs in Britain’s defence industry.
- £50m investment deal between JATCO, Nissan and the Government to build a new manufacturing site in Sunderland.
- £170 million investment by international manufacturer Knauf Insulation in a new facility in Shotton, North Wales, creating 140 new jobs.
- £300 million investment from Rolls-Royce in the expansion of their Goodwood facility to meet the growing demand for bespoke upgrades.
- £500 million by JLR in its Halewood facility to enable the production of electric vehicles, alongside existing combustion and hybrid models.
- US company Knighthead’s £3 billion regeneration project in East Birmingham, creating 8,400 new jobs annually, paving the way for a new 60,000-seater stadium alongside a sports campus of training facilities, a new academy, and community pitches.
- Heathrow Airport announcing a multibillion-pound investment programme to expand the airport, including new terminal buildings, aircraft stands, passenger infrastructure and work towards its third runway.
- $5 billion investment from Oracle to expand its cutting-edge cloud infrastructure in the UK – an initiative helping to position the UK at the forefront of the AI revolution.
- Vishay investing £250 million to establish the world’s first compound semiconductor facility.
Notes to editors:
- The Prime Minister also announced plans for an enhanced Office for Investment just before the International Investment Summit, building on the recommendations of the Harrington Review. See PM’s announcement here.
