British Prime Minister Keir Starmer hailed plans by US finance firms, including PayPal Inc and Citigroup Inc, to invest ￡1.25 billion (US$1.7 billion) in the UK, which were announced days ahead of US President Donald Trump’s state visit.
The investments by leading US companies, which also include Bank of America Corp and S&P Global Inc, would create 1,800 jobs in London, Edinburgh, Belfast and Manchester, the government said.
The announcement came as the UK prepares to welcome Trump tomorrow for a historic second state visit, having been hosted by Queen Elizabeth II in 2019 during his first term in office.
Photo: Reuters
“By working with our allies, we are creating jobs here,” said Starmer, who is enduring a domestic political crisis following this week’s sacking of British ambassador to the US Peter Mandelson over his friendship with sex offender Jeffrey Epstein.
The investments confirm “Britain’s place as a leader in global finance,” he said.
As part of the plans, Bank of America would create up to 1,000 new jobs in Belfast in its first-ever operation in Northern Ireland.
Citigroup would invest ￡1.1 billion across its UK operations, including growing its presence in Northern Ireland, where the bank is already one of Belfast’s top employers, now employing more than 4,000 people.
The British government said the twin investments were “firmly establishing Belfast as a major technology powerhouse.”
Meanwhile, S&P Global is set to plough more than ￡4 million into its offices in Manchester, England, which would support 200 permanent jobs to boost their nearly 3,000-strong UK workforce.
In addition, PayPal is to invest ￡150 million in “product innovations and growth,” the government said.
BlackRock Inc, which opened a new office in the Edinburgh this week, was also expected to allocate ￡7 billion to the UK market next year on behalf of clients, while investing ￡500 million in UK enterprise data centers.
Trump’s visit, which would see him feted Wednesday by King Charles III and other royals in Windsor before he meets Starmer the following day, is expected to focus on boosting transatlantic economic ties.
