“No region will be locked out of investment” pledges Chancellor
Rachel Reeves has fired the starting gun on the government’s landmark Regional Investment Summit, pledging that “no region will be locked out of investment”.
- Chancellor pledges that landmark Regional Investment Summit will attract investment, jobs and growth that makes people better off wherever they live in the country.
- With one month to go, Eon, Lloyds and KPMG, HSBC and IBM have already been confirmed as sponsors for the Birmingham summit.
- Comes as Mayor of the West Midlands and Leader of Birmingham City Council announce launch of the biggest Mayoral Development Corporation in the country to create tens of thousands of jobs and add billions to the local economy.
Rachel Reeves has fired the starting gun on the government’s landmark Regional Investment Summit, pledging that “no region will be locked out of investment”.
The summit will bring together business leaders and major investors with policymakers, regulators, regional mayors and other local leaders to showcase the breadth and depth of opportunities to invest, expand and create jobs right across our nations and regions.
Building on the 10 Year Infrastructure Strategy and Industrial Strategy, the summit will highlight the UK’s regional investment opportunities in areas such as housing, infrastructure, AI and energy. It will show how this government is reversing the underinvestment some parts of the country have suffered for too long which will deliver jobs and economic growth that puts more money in the pockets of people who live there.
With the most recent figures showing business confidence and investment appetite in the UK is at record highs, the Chancellor has pledged that no region will be locked out of the investment, jobs and growth being delivered as part of the government’s Plan for Change.
Chancellor of the Exchequer, Rachel Reeves, said:
Under this government no region will be locked out of investment.
Business confidence is at its highest level since 2015, private sector activity expanded at the fastest pace in a year in August, and top CFOs have ranked the UK as the top investment destination in the world.
Our opponents want to talk down Britain’s economy. But whilst the economy isn’t broken, for many it feels stuck, which is why I’m determined to attract more investment into every region of the UK so we can build an economy that works for, and rewards, working people.
Backed by major corporations including Eon, Lloyds, KPMG, HSBC and IBM, the summit will be hosted in Birmingham on Tuesday 21 October, and will be co-hosted by the Chancellor, the Business and Trade Secretary, and West Midlands Mayor Richard Parker, with business leaders, international investors, and policymakers from home and abroad in attendance.
Business and Trade Secretary, Peter Kyle, said:
The UK has become the world’s most attractive investment destination, and this Summit is a prime opportunity to show investors why Britain is truly the best place to do business.
We have the most open, stable and connected economy in the world – backed by our modern Industrial Strategy – and our Plan for Change is encouraging more international companies to invest here, helping to deliver growth and jobs in every region of the UK.
Richard Parker, Mayor of the West Midlands, said:
The first Regional Investment Summit is a chance to show the world the strength of the West Midlands and all our regions - we are brimming with opportunities for investors.
This Summit is about putting our ideas, our people, our opportunities and our businesses on the map - and I’m excited to welcome partners from the globe to see first-hand why the West Midlands is the place to invest.
This comes as Richard Parker, alongside the Leader of Birmingham City Council, John Cotton, today (22 September) announces the launch of the biggest and most ambitious Mayoral Development Corporation in the country.
It will incorporate the £3 billion Birmingham Sports Quarter, the £4 billion Birmingham Knowledge Quarter, the HS2 station at Curzon Street, the £2 billion Smithfield development, and a major creative industries hub in Digbeth.
This new corporation – part of a wider Mayoral Development Zone – will create tens of thousands of jobs and add billions to the local economy.
The government’s modern Industrial Strategy is also helping to deliver long-term growth right across the UK by driving investment into the economy and hardwiring stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.
Further information
The business confidence figures referenced are:
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UK business confidence is at its highest level since 2015 and hiring intentions increased for a fourth month in a row in August and wage growth expectations also increased to their highest levels since 2018. (Lloyds Business Barometer)
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In August, UK private sector activity expanded at the fastest pace in a year. (The S&P Global UK Composite Purchasing Managers’ index)
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In July, UK CFOs ranked the UK as the joint top investment destination (alongside India)—up from 5th place in December— with sentiment boosted by a UK-US trade deal. (Deloitte)
Additional quotes
Minister for Investment, Jason Stockwood, said:
The West Midlands is a powerhouse for investment, and this Summit will zero in on the region’s world-leading strengths in sectors like advanced manufacturing and life sciences to drive growth and create new opportunities in the industries of the future.
Unleashing the full potential of the UK’s regions is at the heart of our modern Industrial Strategy, and this Summit will deliver growth that will unlock good new jobs for working people, putting more money in people’s pockets and in turn boosting prosperity across local communities.
Chris Norbury, Chief Executive Officer E.ON UK, said:
The West Midlands is a huge part of E.ON’s DNA with our offices, strategic energy partnership and innovation all already thriving in this region.
So, it’s fantastic to be supporting events like the Regional Growth Summit and see the West Midlands showcasing how sustainable energy can drive real growth in green skills, jobs and the economy.
Local collaboration between government and businesses is key to accelerating more affordable, secure energy and net zero delivery, and as such, events like this are key to building those collaborative relationships.
Ian Stuart, CEO of HSBC UK, said:
At HSBC, we are determined to support UK businesses’ growth ambitions, both at home and abroad. As the world’s leading bank for international trade, we know that the dynamism of UK business is integral to the future health of the economy.
HSBC supports the Government’s ambition to cement the UK’s position as a science and tech superpower. The summit will highlight the very best of the region’s innovative businesses, driving inward investment and growing our exports around the world to create jobs and drive the economy.
Jon Holt, Group Chief Executive and UK Senior Partner KPMG, said:
This Summit will be a fantastic moment to spotlight the strength and opportunity of the UK’s regions and their crucial role in helping drive national economic growth.
KPMG’s heritage lies in our regional businesses and every day we work with brilliant companies across the country.
The West Midlands is well-placed to host this Summit and showcase the skills, innovation and talent on offer in the region, and provide a springboard for regional growth.
Charlie Nunn, Group Chief Executive, Lloyds Banking Group, said:
The UK’s regions are the powerhouses of innovation, investment and growth.
We’re proud to support the inaugural Regional Investment Summit, which highlights the strength of local partnerships and the opportunities they create.
Through the breadth and depth of our relationships with businesses across the country, Lloyds Banking Group is helping to unlock regional potential, attract investment, and fuel the UK’s long-term prosperity.
Updates to this page
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'Further information' section added.
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First published.