British Prime Minister Rishi Sunak has announced a massive £29.5 billion investment boost for the UK industries, as he hosted the first-ever Global Investment Summit in London on Friday. The summit, attended by some of the world’s leading investors and business leaders, was aimed at showcasing the UK’s strengths in innovation, technology, and green growth.
Sunak said the new investment commitments, which span across various sectors such as life sciences, renewables, housing, and infrastructure, will create thousands of jobs and support the UK’s economic recovery from the pandemic. He also said the UK government will work with the private sector to pursue transformational technologies like artificial intelligence (AI) and quantum computing, and attract the best talent from around the world.
“Trailblazing science and innovation have been in our DNA for decades. But in an increasingly competitive world, we can only stay ahead with focus, dynamism and leadership,” Sunak said. “That’s why we’re setting out 10 key actions under a bold new plan to cement our place as a global science and technology superpower by 2030.”
The 10 key actions include:
- Establishing a new Science and Technology Framework to challenge every part of government to better put the UK at the forefront of global science and technology this decade
- Launching a new Innovation Strategy to set out how the government will boost public and private investment in research and development (R&D) to 2.4% of GDP by 2027
- Creating a new National Science and Technology Council, chaired by the Prime Minister, to provide strategic direction and oversight for the government’s science and technology priorities
- Setting up a new Office for Science and Technology Strategy, led by the Chief Scientific Adviser, to provide analysis and advice to the Prime Minister and the National Science and Technology Council
- Introducing a new High Potential Individual visa to attract and retain the world’s most talented people to the UK
- Investing over £370 million in new and existing funding to support the development and adoption of game-changing technologies like AI and quantum
- Launching a new Global Talent Fellowship programme to enable UK-based researchers and innovators to collaborate with the best minds overseas
- Developing a new National AI Strategy to harness the opportunities and address the challenges of AI for the UK
- Establishing a new National Quantum Computing Centre to accelerate the commercialisation of quantum technologies in the UK
- Supporting the growth of the UK’s space sector by investing in new infrastructure, capabilities and missions
The Prime Minister said the new measures will help the UK to “build back better” from the pandemic and achieve its net-zero emissions target by 2050.
“Innovation and technology are our future. They hold the keys to everything from raising productivity and wages, to transforming healthcare, reducing energy prices and ultimately creating jobs and economic growth in the UK,” he said.
The Global Investment Summit, which was attended by representatives from over 30 countries and regions, also saw the signing of several deals and partnerships between the UK and foreign investors, such as:
- A £1 billion investment by Microsoft to expand its UK operations, including opening a new Azure region and creating up to 6,500 jobs
- A £750 million investment by SoftBank to support the growth of UK tech start-ups, including £500 million for its Vision Fund 2 and £250 million for its Emerge Fund
- A £650 million investment by Google to establish a new campus in King’s Cross, London, which will house up to 7,000 employees and support the UK’s digital skills agenda
- A £400 million investment by Amazon to open a new fulfilment centre in Dartford, Kent, which will create over 1,300 permanent jobs and support the UK’s e-commerce sector
- A £300 million investment by Samsung to establish a new European AI hub in Cambridge, which will create up to 400 jobs and enhance the UK’s AI capabilities
- A £200 million investment by Tata Consultancy Services to expand its UK presence, including opening a new innovation hub in Manchester and creating over 1,500 jobs
- A £150 million investment by Infosys to open a new digital delivery centre in Birmingham, which will create over 1,000 jobs and support the UK’s digital transformation
- A £100 million investment by Hyundai to develop and manufacture hydrogen fuel cells in the UK, which will create over 200 jobs and support the UK’s green industrial revolution
The summit also featured a roundtable discussion between the Prime Minister and some of the world’s most influential investors, such as Masayoshi Son, the founder and CEO of SoftBank, Sundar Pichai, the CEO of Google, and Satya Nadella, the CEO of Microsoft. The discussion focused on the opportunities and challenges for the UK’s science and technology sector, and how the government and the private sector can work together to foster innovation and growth.
The Prime Minister said he was “delighted” to welcome the global investors to the UK, and thanked them for their “vote of confidence” in the UK’s economy and future.
“The UK is open for business, and we are ready to work with you to unleash the full potential of our science and technology sector, and build a brighter, greener and more prosperous future for us all,” he said.
