Britain’s government will try to woo global financiers at the Science Museum in London on Tuesday, after years of uncertainty stemming from foreign investment due to Brexit and the country’s pandemic. The leaders of some of the world’s largest financial institutions will then be hosted by the Queen at Windsor Castle.
The drive to attract foreign investment into the country comes after a sharp drop in the number of projects funded from outside sources since the 2016 referendum and a fall in 2020, according to trade department data.
Trade Department sources claim talks with investors are on with a UK-EU trade deal, as the UK government hosts a global investment summit and announces projects worth £9.7bn. Is.
According to the government, the deal creates 30,000 new jobs, and will bolster its ambitions to reduce carbon emissions ahead of the UN COP 29 conference in Glasgow next month. A group of the world’s most powerful financiers, including Goldman Sachs chief executive David Solomon and JP Morgan’s Jamie Dimon, are set to participate.
Prime Minister Boris Johnson said the summit and its investment agreement “will power our economic recovery, create thousands of jobs and help raise levels across the country.”
“This is just the beginning. We will see new partnerships for green growth at today’s Global Investment Summit as we look forward to COP26 and beyond,” he said.
Mr Johnson will have an informal “fireside chat” with Microsoft co-founder Bill Gates, alongside a speech outlining his vision for the future of investing in the UK. The conversation will focus on the role of private capital in tackling climate change.
Prime Minister and Chancellor Rishi Sunak will also have a separate evening dinner for investors on Monday evening.
The summit comes as the UK tries to wrestle over the issue of whose money it is, and feels comfortable influencing its economy. Ethical questions and security concerns weigh on the government as it seeks to turn rhetoric about a new, more global Britain into a more prosperous reality.
A deal that may touch the puzzle is also set to be marked on Tuesday. This includes Huaneng, a Chinese state-backed company, which is one of the largest electricity businesses in the country. The firm has invested in a battery storage project in Wiltshire.
The move to further integrate Chinese investment into Britain’s energy infrastructure comes despite a change in the government’s attitude towards the role of governance in areas such as nuclear power. Trade officials are trying to work out how to wean China out of some sensitive energy-related investments.
This includes an attempt to capture a 20 per cent stake in Chinese company CGN. Sizewell C Nuclear Power Project.
The UK’s trade secretary, Anne-Marie Trevelyan, suggested in an interview with the Financial Times last weekend that Chinese investors are welcome to invest in the UK, but only in certain sectors of the economy.
“Whatever it is in the non-strategic sector, we welcome investment from everyone who understands the value and importance of working here,” she said.
A press release from Huaneng on its website It suggests that its project will play an important role in the UK’s energy infrastructure: “After the project becomes operational, it will become the largest battery energy storage project in Europe, providing emergency support when a power source occurs in the main grid.” and will effectively be safely raised to the operational level of the grid.”
back in july, UK government said it would not accept investments that “compromise our national security, and all investments must meet stringent legal and regulatory requirements to protect the UK’s national interests”.
In January 2022, the National Security and Investment Act 2021, is set to come into force. It aims to “modernize and strengthen” the government’s national security investment screening powers.
In another effort to shift the UK’s energy supply away from fossil fuels, Spanish company Iberdrola has also committed to investing in the UK’s energy infrastructure. The government said the offshore wind deal would supply enough green energy to power 2.7 million British homes and create 7,000 jobs.
Credit: www.independent.co.uk /