£9.7bn overseas investment in UK will 'power economic recovery', PM says

19 October 2021, 07:50

Boris Johnson will announce the investment at the Global Investment Summit. Picture: Alamy

By Emma Soteriou

Boris Johnson is set to announce a £9.7 billion overseas investment in the UK to 'power economic recovery'.

The package of 18 investment deals is expected to create 30,000 additional jobs, Downing Street said.

It is intended to support growth in sectors such as wind and hydrogen energy, sustainable homes and carbon capture and storage.

The Prime Minister will make the announcement at the Global Investment Summit on Tuesday, which will see business leaders from around the world - including Microsoft co-founder Bill Gates - gather at the Science Museum in London.

The one-day summit in London is taking place to encourage foreign investment by showcasing the best of British innovation, especially green industries of the future.

It comes in an attempt to move forward with the "levelling up" agenda the Prime Minister previously set out at his party conference.

Mr Johnson said the new investment would help power the UK's economic recovery from the pandemic.

"The world's top investors have seen the massive potential in the UK for growth and innovation in the industries of the future," he said.

"This is just the start. We will see new partnerships for green growth forged at today's Global Investment Summit, as we look ahead to COP26 and beyond."

Following an opening address, Mr Johnson will sit down with Mr Gates, who is advocating technological solutions to tackle the climate crisis.

The Department for International Trade is also set to launch a new online investment atlas, highlighting 53 potential strategic investment opportunities across the UK.

To mark the event, the Queen and other senior royals will also host a reception at Windsor for the delegates, which Mr Johnson and Chancellor Rishi Sunak are expected to attend.