US private equity giant Blackstone said Wednesday it planned to invest £90 billion ($123 billion) on UK projects over the next decade, the biggest single deal unveiled during President Donald Trump’s state visit.
It follows planned multi-billion-dollar investments in UK artificial intelligence projects by US technology giants and a decision by British pharmaceutical group GSK to invest $30 billion in the United States over the next five years, in announcements coinciding with Trump’s trip.
“When we back British brilliance, champion our world-class industries, and forge deeper global alliances — especially with friends like the US — we help shape the future for generations to come and make people across the country better off,” Prime Minister Keir Starmer said in a statement.
“These investments are a testament to Britain’s economic strength and a bold signal that our country is open, ambitious, and ready to lead.
“Jobs, growth and opportunity is what I promised for working people, and it’s exactly what this state visit is delivering,” Starmer added.
It comes with the prime minister under pressure on the domestic front amid a stagnant UK economy and some unrest within his own Labour party.
Earlier this year, a UK-US trade agreement lowered some tariffs imposed by Trump, notably on vehicles made in Britain.
Blackstone gave no details of the nature of its planned investments, which comes after its announcement last year to invest £10 billion on an AI data centre in northern England.
The group, which manages assets worth around $1.2 trillion, announced earlier this year plans to invest $500 billion across Europe over 10 years.
The Labour government said that major UK and US investors will meet Starmer and Trump on Thursday at the prime minister’s country residence, Chequers, “to discuss how both countries can go further to deepen economic ties and unlock new opportunities for collaboration”.
Wednesday’s statement said the UK had secured “a historic £150 billion of inward investment from US companies” this week.
“These deals will create more than 7,600 high-quality jobs, revitalise communities, and accelerate growth in sectors of the future,” it added.
A separate announcement revealed that US investment firm Prologis plans to invest £3.9 billion across the UK’s life sciences and advanced manufacturing.
Going the other way, the UK government said around £60 billion of its spending will reach US companies over the next five years.
Via AFP