Rishi Sunak insists UK economy ‘on the right track’
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Rishi Sunak has insisted the UK is “one of the most attractive places to invest in the world” following a ￡8 billion Brexit boost.
New investment from Australia’s biggest pension fund, AustralianSuper, will take its total investment in the UK to over ￡18 billion by the end of the decade.
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Mr Sunak said: “The raft of investment announcements we have seen today show that the UK remains one of the most attractive places to invest in the world.
“But because of the difficult, long term decisions the government has taken the economy is now turning a corner, and we must stick to the plan – driving investment and growth to deliver long-term change and a brighter future for everyone.”
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Prime Minister visits a construction site In Wiltshire (Image: Getty)
AustralianSuper has had a presence in the UK since 2016, with approximately ￡8 billion currently invested in the UK and holding over ￡2.5 billion in UK listed equities.
The new funding will go towards the energy transition and digital infrastructure.
Chancellor Jeremy Hunt said: “This major investment from AustralianSuper will promote growth and strengthen the UK’s position as a leading financial centre, creating wealth and helping to fund public services.
“Britain continues to be Europe’s leading hub for investment, and it is through commitments like this that we will funnel billions into our brightest, burgeoning businesses to scale up and grow.
The UK-Australia free trade agreement, which came into force on 31 May 2023, includes comprehensive provisions on investment, which has made the UK a more attractive place to do business.
The trade agreement was the first of those negotiated after Britain’s EU exit to enter into force.
Minister for Investment Lord Johnston said: “Foreign investment is not just about numbers on a spreadsheet. It creates jobs, nurtures skills and unleashes our nation’s innovative spirit. That’s why the UK’s recent trade deal with Australia prioritised boosting investment flows.
“AustralianSuper’s ongoing commitment shows the strong relationship we have built as they create a global centre of excellence in London. We are a top choice for major investments like this, and the Government is committed to promoting the opportunities available to global investors so they choose the UK.”
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