NW benefits from £28.5bn of Australian investment into UK
The North West will benefit from billions of pounds of new investment from Australia following a global investment summit held at 10 Downing Street this evening (March 30), and the creation of the Office for Investment.
Australian investors announced a total of £28.5bn for clean energy, technology and infrastructure projects throughout the UK.
Among the raft of investments are key projects supporting North West businesses and sectors.
They include £3bn from IFM Investors over five years which will help maintain existing assets, including the M6 toll and Manchester, Stansted and East Midlands airports – all part of Manchester Airports Group – and its new net zero fund will support large-scale infrastructure energy transition projects, including in electrification, carbon capture and solar power.
Also, energy, chemicals and natural resources experts Worley will expand its UK operations, supporting the energy transition and drive for net zero creating more than 1,000 highly-skilled professional jobs in the next 18 months in areas including Manchester, Humberside, Leeds, Glasgow and Aberdeen.
Prime Minister Boris Johnson hosted 10 Australian CEOs and senior executives for a hybrid roundtable at Downing Street alongside the International Trade Secretary, Anne-Marie Trevelyan, to welcome the investments and discuss opportunities for further collaboration and investment.
Boris Johnson said: “I’m proud that some of Australia’s leading businesses have chosen to invest in the UK, recognising opportunities across the globe in our dynamic and forward looking economy.
“The fantastic schemes announced today will turbocharge the Government’s efforts to create jobs and growth in every part of the country, and put the UK at the cutting edge of the green industrial revolution. This is Global Britain in action – building new partnerships with friends and allies around the globe to create prosperity at home.”
IFM CEO, David Neal, said: “IFM is owned by pension funds and invests, over the long term, on behalf of pension funds, their members, and other long term investors. We have been investing in core UK infrastructure for decades and now are planning to almost double our investment over the next five years.
“We believe the deployment of pension capital in partnership with the UK government will be critical to supporting the UK’s energy transition and net zero ambitions over the next 25 years.”
The UK and Australia have close and historic economic, political and cultural ties, which are set to be bolstered by a new Free Trade Agreement.
