Keir Starmer is set to announce the creation of a £10bn AI datacentre in north-east England, bringing 4,000 jobs to the area. The project will be funded by Blackstone, a private equity firm run by a big Donald Trump supporter, Stephen Schwarzman. The prime minister is set to host chief executives in New York to drum up foreign investment into the UK and will hail this investment as a “vote of confidence in the UK.”
The datacentre will be built on the site of the failed Britishvolt battery startup and construction is expected to begin next year. Blackstone will invest £110m into a fund to support skills training and transport infrastructure in the area. Starmer will also meet with various private equity firms and banks to discuss foreign investment into the UK.
Additionally, Starmer is set to visit Brussels to “reset” the UK’s relationship with the European Union. This meeting marks a breakthrough in discussions and may suggest a softening of Starmer’s position on the details of a reset. Starmer has made investment in the UK a priority since taking office and has been working to attract foreign investment to boost the UK economy.
The government is also focusing on its international investment summit in October and is consulting on plans to raise taxes on private equity firms. Despite some challenges in the industry lobbying against tax changes, the government is working to implement its industrial strategy and improve workers’ rights in the country. Overall, these investments and meetings mark significant efforts by the UK government to boost the economy and strengthen international relationships.
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