Global companies vow £30 billion support for UK economy

Posted on December 4, 2023   |  

International business leaders have committed a substantial £29.5 billion to boost the UK economy ahead of Rishi Sunak's global investment summit.

Renowned companies such as Microsoft and BioNTech are among those pledging billions for sectors like technology, renewable energy, and scientific research in the UK.

The Prime Minister unveiled this investment package just before convening 200 CEOs and investors at Hampton Court Palace.

The UK government is actively seeking investment to stimulate growth, particularly after a period of economic stagnation from July to September.

The most significant financial commitment comes from Australian pension fund giant IFM Investors, committing £10 billion over 4 years for large-scale infrastructure and energy transition projects.

Microsoft also plays a part by committing £2.5 billion to the UK's AI infrastructure, focusing on the construction of data centers and graphic processing units.

Germany's BioNTech, known for developing the first mRNA-based Covid vaccine, pledges £1 billion over 10 years for a new laboratory in Cambridge and an AI center in London. 

Additionally, Spanish renewable energy company Iberdrola confirms an extra £7 billion investment in the UK's renewables sector, contributing to a broader £12 billion investment program from 2024 to 2028.