Labour has made Britain a beacon of economic stability
A recent influx of over £110bn in investment from global financial and tech firms as a direct result of the government’s successful economic plan, which fosters stability and reform, thereby creating jobs across the country and proving Britain is open for business, says Lucy Rigby
Yesterday, Revolut – one of the UK’s fintech success stories – opened its new global headquarters in Canary Wharf, pledging £3bn of investment and creating 1,000 high-skilled jobs. That announcement capped a brilliant week in which more than £110bn of commitments poured into the UK from some of the biggest names in global finance: Blackstone, Blackrock, PayPal, Bank of America, Citi and S&P Global.
These very significant investments are a vote of confidence in Britain’s stability, our competitiveness, and our potential. They show that global financial services firms have taken notice of the energetic reform agenda that we’re driving.
The benefits of this will be felt by people all over the UK, with investment flowing into our cities, regions and communities. Bank of America is creating up to 1,000 jobs in Belfast. Blackstone’s £10bn investment is driving new data centres in Blyth. S&P Global is backing jobs in Manchester. It means stronger local economies, better jobs, and higher productivity. And it means more money in people’s pockets.
Investor confidence
Investor confidence in this country hasn’t happened by accident. It’s built on the government’s plan: stability, investment and reform. We’ve set out ironclad fiscal rules and a credible path for growth, making Britain a beacon of economic stability. We’re ensuring the UK doubles down on our competitive advantages – whether in finance, technology, green industries, or advanced manufacturing – which is why this week also saw huge commitments from Microsoft, Nvidia and OpenAI. And we’re pushing through the Leeds Reforms: the most wide-ranging reforms to financial regulation in over a decade. They cut needless red tape, make the UK the most competitive market in the world for financial services, and back our fintechs with tailored support to scale up.
Before politics, I worked as a lawyer in the City. I know first-hand the dynamism, talent, energy and innovation that drives Britain’s financial services sector. And I know how fiercely competitive the global race for investment is. That is why I am determined, in this role, to bang the drum for Britain – at home and abroad – and to show that our combination of stability, competitiveness and ambition makes the UK not just an attractive destination for business, but the standout choice.
A combination of stability, competitiveness and ambition makes the UK not just an attractive destination for business, but the standout choice
The financial services sector contributes over £100bn a year in tax revenues, employs more than 2m people across the UK, and underpins our mortgages, pensions and savings. But I believe the next chapter can be even bigger. By backing our financial services firms, unlocking investment in every part of the country and making Britain the best place in the world to do business, we will drive the growth our economy needs.
This week’s announcements send a clear message: Britain is open for business.
Lucy Rigby is city minister