Sir Keir Starmer has been handed a huge vote of confidence after US companies unveiledd a record £150 billion investment in the UK during President Donald Trump’s state visit.
Among the projects announced, American investment group Blackstone has topped up an earlier £10 billion commitment with £90bn in data centre development.
Real estate investment trust Prologis is investing £3.9bn into the UK’s life sciences and advanced manufacturing. Palantir, the data analytics group, will invest up to £1.5 billion in defence.US Engineering firm, STAX, has also committed up to £38m to expand its UK operations.
US Engineering firm, STAX, has committed up to £38m to expand its UK operations.
The UK government called the overall package the largest commercial deal of its kind. It will provide a total of 7,600 jobs across the UK. This includes 1,000 in Belfast and 6,000 in Glasgow, the Midlands and the North of England created by £150m invested by Amentum, a government and commercial services contractor.
Prime Minister Keir Starmer said the 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.”
Earlier this week, under the Tech Prosperity Deal, Microsoft pledged to spend £22bn in the UK over the next four years, and Google pledged £5bn over the next two years to expand an existing data centre in Hertfordshire.
CoreWeave, the AI cloud computing company, said it would invest £1.5 billion in AI data centre capacity and operations in the UK , including Scotland, bringing its investment in the UK to £2.5 billion over the past year.
These investments will also help act as a powerful counterweight to the exodus of investment seen in the pharmaceutical sector.
Business and trade secretary Peter Kyle said the deal reflects growing confidence in the UK’s industrial strategy.
“These record-breaking investments will create thousands of high-quality jobs across the UK,” he said. “It’s a clear sign that our Plan for Growth is delivering for working people.”
The government said it wants to give “real opportunities for working people”, including apprenticeships in clean energy and careers in biotech and AI.
The UK government also announced plans to increase the amount it spends with US companies over the next five years from a current annual figure of £10 billion to £12 billion.
A number of the UK’s largest companies have made commitments to the US as part of the state visit. GSK, the British pharmaceutical company, said it would invest nearly £22 billion in US R&D and manufacturing over five years.
UK and US investors will meet the prime minister and Mr Trump at Chequers to discuss how the countries can deepen their economic ties further. It is thought steel and whisky will be among the topics for discussion.
Scotland’s First Minister John Swinney attended the banquet following his visit to Washington last week where he met Mr Trump to discuss whisky tariffs.
Mr Swinney’s attendance was criticised by SNP MP Chris Law, who previously served as international development spokesman at Westminster. Mr Law claimed that accepting an invitation to the event amounted to a concession that it was acceptable to support “genocide” in Gaza.
The Scottish Greens called on Mr Swinney not to attend the event.
Jamie Halcro Johnston, a Scottish Conservative MSP, said: “There will be red faces all round in the SNP after this now deleted tweet from Chris Law.
“Clearly, he was in such a rush to post a childish tweet that he forgot all about John Swinney being someone attending this dinner.”
Mr Swinney has defended his dealings with Mr Trump, arguing it was in Scotland’s best interests.
The Northern Ireland first minister Michelle O’Neill, of Sinn Fein, and Wales’ Labour First minister Eluned Morgan did not attend the banquet.
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