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UK hails $37 billion of foreign investment

UK hails $37 billion

Prime Minister Rishi Sunak announced 29.5 billion pounds ($36.8 Billion) of private sector investment in Britain at a gathering of global executives aimed at catapulting the country back to Europe’s top spot as a destination for foreign money.

After the government last week offered permanent tax breaks for businesses to modernise plants and machinery, Sunak is hoping foreign investors will help speed up Britain’s moribund economy.

Sunak’s office said in a statement that Australian funds IFM Investors and Aware Super will pump 10 billion pounds and 5 billion pounds, respectively, into projects ranging from infrastructure and energy transition to affordable housing.

The statement said that Spanish power giant Iberdrola would add 7 billion pounds to its investment plans in Britain, which include transmission and distribution electricity networks.

UK hails $37 billion of foreign investment

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