Malaysian firm YTL to invest £4bn in UK and former Concorde development
The Malaysian firm YTL has announced plans to invest £4bn in its UK businesses and a brownfield housing development in Bristol at the site of the former Concorde hangars.
The firm will spend £2bn on redeveloping the former Filton airfield in South Gloucestershire into an arena and housing development north of Bristol, the UK government has said, after it acquired the 380-acre site in 2016.
Formerly home to the supersonic jet Concorde, the iconic hangars will be turned into a major state-of-the-art arena, conferencing, and entertainment complex, the government added.
A further £2bn will be invested into YTL’s British businesses over the next half-decade, while the development, one of the UK’s biggest brownfield sites, will ultimately involve 6,500 properties, three new schools and the 19,500-capacity arena.
The government also says the scheme will create 30,000 jobs across the UK over the next five years.
It came as Sir Keir Starmer met his counterpart, Malaysian Prime Minister Anwar Ibrahim, in Downing Street for talks on trade, amid the government’s push for inward investment and the UK’s economic growth, alongside investment minister Poppy Gustafsson.
Chancellor Rachel Reeves said the investment, including plans for the Concorde site, “will boost growth, create good jobs and shows the UK is open for business”, adding: “We will continue to go further and faster to kickstart growth to make all parts of the country better off.”
Business secretary Jonathan Reynolds said: “By creating the right conditions and giving investors the confidence they need to make big investments in Britain, our plan for change is delivering economic growth and showing the power of investment to transform our cities, and give working people the security they deserve.”
Downing Street said Sir Keir and his Malaysian counterpart “agreed on their shared ambition for economic growth” during the bilateral meeting.
In a readout of the talks, a No10 spokesperson said: “The leaders agreed that now was an opportune moment to strengthen the relationship between the UK and Malaysia.
“They discussed closer co-operation and to upgrade the relationship to a strategic partnership across trade and investment, education, clean energy and defence.”
Trade minister Douglas Alexander will host his Malaysian counterpart Tengku Zafrul Aziz in joint talks on economics and trade on Thursday.
The government wants to increase trade and investment with Malaysia – which is worth almost £6bn a year – in areas including legal services, education, agriculture and SMEs.
Officials say the trade relationship could expand thanks to the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).