A new wave of American investment in the UK which will create more than 1,800 jobs has been announced ahead of President Trump’s state visit to the United Kingdom.
More than £1.25billion in the nation’s financial services sector will boost employment in Belfast, Edinburgh, London and Manchester.
The pledges to invest in jobs will be especially welcome in the wake of a series of blows to Britain’s pharmaceutical industry. AstraZeneca’s plans to invest £200million in a Cambridge research site have been paused and drugs giant Merk has abandoned a £1billion expansion in the UK.
But firms including PayPal, Bank of America, Citi Bank, and S&P Global have committed to investing here. Bank of America will create up to 1,000 new jobs in Belfast.
Citi Group is putting £1.1billion into its UK operations and BlackRock has a new Edinburgh office this week which will see their “800-strong footprint nearly double”. S&P Global is investing more than £4million in its Manchester offices, generating an extra 200 jobs.
Business and Trade Secretary Peter Kyle said the announcements reinforces the “UK’s position as the world’s leading investment destination”.
He said: “These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners, ahead of the US presidential state visit.”
Chancellor Rachel Reeves said: “This commitment from America’s leading financial institutions demonstrates the immense potential of the UK economy, our strong relationship with the US and the confidence global investors have in our plan for change, which is making the UK the best place in the world to invest and do business.
“These investments will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom.”
Jane Fraser, chief executive of Citi Group, said: “The UK isn’t simply one of our largest markets; it is core to Citi’s foundation as a truly global bank.”
Brian Moynihan, the chair and CEO of Bank of America, said: “The early US-UK trade agreement that the President and the Prime Minister began discussing in February has provided the business community with the certainty and framework it needs to strengthen transatlantic commerce. We are pleased to be able to extend Bank of America’s investment in the UK with the creation of a new Belfast operations facility to support our global business, bringing up to 1,000 new opportunities to Northern Ireland.”
Larry Fink, Chairman and chief executive of BlackRock, said the asset manager served “over 13 million British people who are saving for retirement”.