US corporations to allocate £150 billion in the UK during Donald Trump's official visit to the country
During US President Donald Trump's second state visit to the UK, a series of significant investments have been announced by technology and investment firms, amounting to a total of £209.4 billion.
The Prime Minister welcomed these investments, stating that they demonstrate the UK's economic strength and readiness to lead. These investments are expected to create thousands of jobs and bring growth and opportunities for working people.
Among the major announcements, Aldi UK revealed plans to invest £1.6 billion in new stores over the next two years, aiming to expand its supermarket chain significantly. This investment is expected to create numerous jobs and contribute to the UK's retail sector.
Blackstone, an asset management company, has pledged an additional £90 billion to develop data centres in the UK. This investment is on top of the £10 billion previously announced and is expected to create 7,600 'high quality' jobs across the country.
Software company Palantir has pledged £1.5 billion for the UK, while investment firm Prologis has pledged £3.9 billion.
The high-level discussions between the Prime Minister and President Trump took place at Chequers, the Prime Minister's country home. The discussions are expected to include deepening the economic ties between the UK and US, and Sir Keir Starmer, the UK's Labour Party leader, is expected to sign a new technology prosperity deal with Mr. Trump on Thursday.
However, the steel sector has expressed disappointment due to the pause in the tariff reduction from 25% to zero as originally agreed earlier this year. The UK has decided to pause its efforts to cut steel tariffs on imports from the US.
Notable US tech company chiefs, including Tim Cook (Apple) and Sam Altman (OpenAI), attended Mr. Trump's state banquet at Windsor Castle. The investments were unveiled during this state visit, which the Prime Minister has stated is delivering on the promise of jobs, growth, and opportunity for working people.
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