Nearly a thousand jobs are to be created in a major boost to communities across the United Kingdom after over £10 billion (~$13.4 billion) in investments were announced yesterday at the first Regional Investment Summit in Birmingham.
Major investments are planned in life sciences, artificial intelligence (AI) and innovation, key sectors in the UK’s Modern Industrial Strategy. New investments include a Crown Estate acquisition in Oxfordshire for increased laboratory and manufacturing space that could boost UK gross domestic product (GDP) by £2.5 billion, an official UK government release said.
“These announcements prove that when we back our regions and cut red tape, investors respond. That is how we will build an economy that works for working people, in every corner of the country,” UK Chancellor of the Exchequer Rachel Reeves said at the event.
“The news follows plans from the Chancellor that the government will cut red tape and streamline regulations, saving UK businesses nearly £6 billion a year by the end of the Parliament. As part of the Prime Minister’s 25-per cent admin reduction target, the government will scrap excessive paperwork and speed up planning, making it quicker and easier to do business in the UK,” the release said.
Responding to the Chancellor’s speech, British Chambers of Commerce director general Shevaun Haviland said: “Plans to cut the cost of regulation are also welcome, but firms must be consulted so any initiatives have maximum impact. Now is the time to boost growth, and changes like this can help to unleash the innovation of UK PLC.”
News Courtesy : Fibre2Fashion