PM: "A fantastic boost for the workforce and shows we are making real progress in rebalancing the economy."
The investment will be used to increase production of the Mini at factories in Birmingham, Oxford and Swindon and will safeguard thousands of jobs.
Prime Minister David Cameron said:
I am delighted that BMW has chosen to make such a significant investment in the UK. This demonstrates confidence in British manufacturing, provides a fantastic boost for the workforce, and shows we are making real progress in rebalancing the economy.
Today’s announcement follows last year’s £500 million investment in UK production.