“Shock and awe of investment” to drive UK economic recovery – Starmer

British Prime Minister Keir Starmer is confident that a “shock and awe of investment” will revive Britain’s sluggish economy; however, it remains uncertain whether Labour can substantially boost foreign investment in UK infrastructure.

Following a summit at London’s Guildhall, the government announced £63 billion ($82 billion) in commitments from Wall Street executives and sovereign wealth funds, expected to create nearly 38,000 jobs.

The event, featuring Wall Street bosses, major asset managers, and sovereign wealth funds, witnessed the announcement of new and ongoing projects, doubling the amount declared at last year’s Conservative summit.

Key investments include Iberdrola SA’s expansion in green energy, Blackstone Inc.’s £10 billion data centre in northeast England, and Amazon Web Services’ £8 billion UK network upgrade. Although most investments were already planned, Labour emphasised its role in creating a favourable climate for capital spending.

Mervyn Davies, former head of Standard Chartered Plc, praised Starmer’s “statesmanlike” approach, while Abrdn Chairman Douglas Flint highlighted the importance of the government’s message in attracting investment.