Latest news with #InternationalInvestmentSummit
Yahoo
6 days ago
- Business
- Yahoo
Ministers to unveil revamped Whitehall investment hub
Ministers will this week unveil a revamp of the Whitehall investment hub that they hope will secure hundreds of billions of capital flows into the UK in the coming years. Sky News understands that Baroness Gustafsson, the investment minister, will address a private event on Thursday designed to relaunch the Office for Investment (OfI). Government sources said the revamp - in which Sir Keir Starmer's top officials and the Treasury have been closely involved - would align the UK's 'investment resources' under a single brand. The new OfI has absorbed teams from other Whitehall directorates with the objective of reducing confusion among international investors in Britain, according to the sources. Greg Jackson, the Octopus Energy chief, and Baroness Lane Fox, who chairs the British Chambers of Commerce, are expected to speak at the event in central London alongside senior government officials, according to people familiar with the agenda. Thursday's summit will come days before ministers launch the new industrial strategy, with the OfI charged with targeting investors in priority sectors such as clean energy, advanced manufacturing and life sciences. A beefed-up investment hub was among the key recommendations of the former business minister Lord Harrington's review - commissioned by then-chancellor Jeremy Hunt - in 2023. One insider said last year's International Investment Summit, at which ministers claimed to have drawn £63bn of new investment for the UK, provided a solid foundation for the revamped OfI. A further event designed to attract inward investment will be held in Birmingham later this year, the chancellor, Rachel Reeves, announced on Wednesday. The Department for Business and Trade declined to comment on Wednesday afternoon.
CNN
27-03-2025
- Business
- CNN
New opportunities: Why global businesses are investing in the UK's world-leading sectors
The UK has long been a destination for global businesses, offering a dynamic environment that fosters innovation and expansion. This year, the UK is set to go even further with a modern Industrial Strategy, making it simpler for companies to invest and scale up. With a legacy of industrial leadership and an open market that champions entrepreneurship, the UK has built its global reputation as a place where businesses come to thrive. Now, in alignment with its core mission for growth, the UK is building on these foundations to support the success of a new wave of innovators and investors. 'Britain is back in business under this government,' says Jonathan Reynolds, UK Secretary of State for Business and Trade. We're lifting barriers to investment, creating thousands of jobs in the process, promising better wages, and building prosperous communities. Jonathan Reynolds, UK Secretary of State for Business and Trade Confidence in the UK's business landscape is growing. In 2024, businesses committed £63 billion in private investment to the UK, reinforcing global confidence in the country as one of the most attractive places to do business. These pledges—made at the International Investment Summit—will accelerate growth in key sectors and strengthen the UK's position as an industry leader. Next is a modern, future-fit Industrial Strategy. Launching this spring, it is designed to build on the UK's unique strengths and unlock new opportunities across eight of the UK's world-leading sectors. There's good reason for this—over the last 25 years, a third of the UK's highest-productivity industries have generated almost two-thirds of its total productivity growth. So, as the UK cements its position as a global business hub, what is it that makes the country a go-to for businesses looking to flourish? As one of the largest and most globally connected economies in the G20, the UK is a springboard to international markets. Its strategic location provides easy access to Europe, North America, and fast-growing economies in Asia. 'The UK is one of the most connected places in the world to do business,' continues Reynolds. 'Investors should be in no doubt that we are doing everything we can to help attract investment into the most productive parts of the UK economy.' To make the most of these natural advantages, the UK is deepening its global trade relationships. The country is pursuing a closer, more cooperative relationship with the EU, has recently joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and is negotiating trade agreements with India, the Gulf Cooperation Council, South Korea, Switzerland, and Türkiye. The UK is built on talent. Ranked 4th in Europe and 7th in the OECD for tertiary education, it produces a steady stream of highly skilled graduates across key disciplines such as engineering, life sciences, technology, and finance—the very sectors that make up the future of the global economy. With four of the world's top 10 universities, the UK is also leading in nurturing future talent, ensuring businesses have access to the cutting-edge expertise they need. This doesn't just apply to local talent either—the UK is the second most attractive country in the G20 for young professionals, making it a global hub for the best and brightest minds. The impact this diverse workforce is having can be seen across the UK—from the tech startups of London's Silicon Roundabout to the gaming hubs of Cardiff, Scotland's offshore wind farms, and Northern Ireland's advanced manufacturing clusters. With such a strong foundation in skills and education, the UK continues to be one of the best places in the world for businesses to attract talent. Prev Next Britain has always been a nation of pioneers—and today, it remains one of the most exciting places to be an innovator. The UK's technology and digital sector is worth over $1 trillion, making it the third most valuable tech startup ecosystem globally. In 2023 alone, spinouts from UK universities attracted around £1.7 billion in equity investment—a testament to its ability to turn research into real-world breakthroughs. The country has also built a world-class research ecosystem, where more than 140 science parks and Catapult centres bridge academia and industry. These hubs have already broken through in areas like cell and gene therapy, high-value manufacturing, and energy systems—where the UK is accelerating its journey to Net Zero. For investors and businesses looking to grow, it's clear the UK is the right and premium choice. With its unique culture that champions innovation, it provides access to a thriving ecosystem where collaboration turns ideas into commercial success. And with the support of the upcoming Industrial Strategy, businesses have a clear path to scale, innovate, and shape the future of the global economy. Find out more about the opportunities the UK offers here.
Yahoo
16-03-2025
- Health
- Yahoo
Fix the NHS or miss out on our money, US drug giant warns Britain
Sir Keir Starmer must urgently address problems with the NHS or risk missing out on future investment in Britain, the UK boss of drug giant Eli Lilly has warned. Chris Stokes, the managing director of the obesity jab maker in the UK, said there needed to be a greater 'sense of urgency' in addressing issues such as the slow pace at which drugs are rolled out to NHS patients and discontent over industry-funded subsidies for the health service. Without action, Mr Stokes said Eli Lilly was unwilling to commit to new investment in the UK. Mr Stokes said: 'We've stepped up, we've made a pledge, we've made our intention known and we're going to continue to work on it but we do want to see some things addressed before we make any other further commitments.' Eli Lilly was among the companies showcased by the Prime Minister at the International Investment Summit in October. The US drug maker announced a £279m investment in the UK as part of a tie-up with the Government that included working together on weight-loss jabs. Eli Lilly is the developer of Mounjaro, a treatment dubbed the 'King Kong' of weight-loss jabs because of its success it helping people slim down. At the summit, ministers vowed to speed up how quickly drugs could get to patients on the NHS and rip up bureaucracy for businesses. Mr Stokes said: 'It's a great message, but let's look at some tangible examples of that between that point and today. There aren't many.' While Mr Stokes was clear that Eli Lilly's £279m investment was not at risk, he said the Government needed to do more to address the drug makers concerns before it could commit to further spending in Britain. Mr Stokes said ministers 'point blank' needed to be more proactive in delivering on promises to speed up access to drugs and address the issue of rising NHS rebates. 'We do want to see those two things addressed [by the Government] before we make any further broader decisions. I'm not going to commit on more or less [investment], but I do think that we need to look at that now.' Historically Eli Lilly has invested in other countries, such as Ireland, at double the rate at which it's backed the UK. The company unveiled a $27bn (£21bn) investment in the US in February. Frustration is rising after the NHS spending watchdog last December said it would limit the roll-out of Mounjaro. While the National Institute for Health and Care Excellence (Nice) recommended the treatment for people with a BMI of at least 35 and at least one weight-related health condition, it said the treatment would be restricted. Only 220,000 NHS patients will be prioritised for the jabs over the next three years. Eli Lilly argues that this would mean is just 11 people at each GP surgery would be able to access the treatment each year. Around 90pc of eligible obese patients would not be able to get the jab on the NHS. Nice has claimed its decision was made 'in order to protect other vital NHS services' after healthcare chiefs warned they needed a slow rollout to set-up new services and train staff up to monitor patients on the jab. Still, it has been a source of much frustration within Eli Lilly, which says it is still waiting for details on which patients should be prioritised. The list was meant to be published in January. Eli Lilly has argued the potential benefit to rolling out its weight-loss treatment could be significant. Trial data show that Mounjaro can help people lose an average of 3.5 stones (22.8kg) over 72 weeks. 'I get that there are many challenges with the NHS,' said Mr Stokes. 'We completely understand that. But the urgency of this challenge is significant. The annual cost to the NHS [of obesity] is estimated to be around £11.4bn. The NHS, in my opinion, can't afford not to solve that challenge. We think there's a real opportunity to handle this one quickly.' Cynics may argue Mr Stokes is pushing for a quicker rollout only to benefit Eli Lilly. Yet he insisted the company was 'trying to be part of the solution'. Under the tie-up announced with the Government last October, the US drug maker is conducting a five-year clinical trial which will assess the 'real-world effectiveness' of Mounjaro including its impact on worklessness and productivity. Wes Streeting, the Health Secretary, has said weight-loss treatments could have a 'monumental' impact on obesity and get Britain back working. Mr Stokes claimed that the Nice decision risked creating more societal problems. It threatens to widen health inequalities, he argued, as there is a 'higher prevalence of obesity in the most deprived areas'. These people are less likely to be able to buy Mounjaro privately, as a month's supply of the treatment costs around £215. 'We do need some urgent action from this Government and those numbers [of NHS patients who will get access to the jab], it's just too slow.' There are other areas where Mr Stokes said the Government is falling short. Like others in the sector, Eli Lilly is concerned about the rapidly rising cost of NHS sales rebates. Companies sign up to a voluntary scheme to avoid paying high levies on drugs sold to the NHS. The rebate scheme caps the increase in the NHS's bill for branded drugs to a certain percentage each year. If the bill rises above the cap, then drug makers have to compensate the health service in the form of rebates. A surge in ill health since the pandemic has led the NHS's branded drugs bill to balloon – and landed drug-makers will huge rebate costs in the process. This year, drug companies are expected to pay back an eye-watering £3.6bn, compared to around £600,000 every year between 2014 and 2021. Eli Lilly quit the voluntary scheme in protest at the rising bill in early 2023, though it has since rejoined. Mr Stokes said the rebate scheme was a symptom of the misguided focus on simple costs within the NHS rather than 'evaluating a drug's complete social and economic value'. 'We think that this is a conversation that really needs to happen.' He was speaking before Sir Keir announced plans to abolish NHS England, the quango that manages the health service, as part of efforts to strip out bureaucracy. NHS England will be folded into the Department for Health and Social Care in a process expected to take 'around two years'. While exact details of the changes are yet to be announced, the move is not expected to have any immediate impact on how drugmakers deal with the health service. Responding to the announcement, Mr Stokes said Eli Lilly was 'encouraged the Government stated one of its aims was to improve partnership between the NHS and industry'. However, he added: 'It's important that these changes do not distract from the vital work of improving care for patients in the UK. For example, that it does not delay the NHS publishing its rollout plan which is already overdue.' A government spokesman said ministers wanted to 'foster a strong life sciences sector with cutting-edge technology and artificial intelligence to provide high-quality care for all'. They added: 'Through our plan for change we will grow the economy, create jobs and reform the NHS – building on the UK's position as the second-most attractive destination for international investment. 'Obesity drugs can be life-changing when used responsibly with diet and exercise. NHS England's phased rollout prioritises those in greatest need while managing pressures on the health service.' Mr Stokes took over as Eli Lilly's president and general manager of UK, Ireland and Northern Europe in July, the same month that Labour came to power. He previously steered Eli Lilly's South Korea business and its South African office. The American said he was 'a newcomer to a degree – although I've been at the company for just about 17 years'. He is approaching Britain 'with a different lens', he said. 'I would love this Government to really walk the talk. That is my call to action.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
16-03-2025
- Health
- Telegraph
Slow NHS puts investment at risk, warns ‘King Kong' weight-loss jab maker
Sir Keir Starmer must urgently address problems with the NHS or risk missing out on future investment in Britain, the UK boss of drug giant Eli Lilly has warned. Chris Stokes, the managing director of the obesity jab maker in the UK, said there needed to be a greater 'sense of urgency' in addressing issues such as the slow pace at which drugs are rolled out to NHS patients and discontent over industry-funded subsidies for the health service. Without action, Mr Stokes said Eli Lilly was unwilling to commit to new investment in the UK. Mr Stokes said: 'We've stepped up, we've made a pledge, we've made our intention known and we're going to continue to work on it but we do want to see some things addressed before we make any other further commitments.' Eli Lilly was among the companies showcased by the Prime Minister at the International Investment Summit in October. The US drug maker announced a £279m investment in the UK as part of a tie-up with the Government that included working together on weight-loss jabs. Eli Lilly is the developer of Mounjaro, a treatment dubbed the 'King Kong' of weight-loss jabs because of its success it helping people slim down.
Arab News
26-01-2025
- Business
- Arab News
GCC trade deal may be key to UK's economic recovery
Since the 2008 financial crisis, the UK economy has grappled with low productivity and stunted economic growth. Despite being the world's sixth-largest economy, the UK today has an unemployment rate above 4 percent, low industrial output and a housing crisis. Add to that the policy paralysis that comes with four different prime ministers in the last four years and it is clear why the UK needs to rethink its economic position. In 2024, while the UK economy showed a robust rebound in the first half of the year, in the third quarter it showed 0.0 percent growth. This year began with a sharp fall in government bond prices and a 1.2 percent loss in value in the British pound against the US dollar. The International Monetary Fund projects 1.6 percent gross domestic product growth in 2025. Having come to power last July in this troubled economic context, one of the Labour government's priorities is the establishment of a free trade agreement with the Gulf Cooperation Council, negotiations for which started in 2022 under former Prime Minister Boris Johnson. According to the government, this will lead to substantial economic benefits for the UK by potentially increasing the country's annual workers' wages by £600 million ($749 million) to £1.1 billion and adding up to £3.1 billion to GDP by 2035. Crucially, the free trade agreement has the potential to increase UK-GCC trade by 16 percent. Last September, UK Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander chose the Gulf for their first joint international visit, showing the urgency of the negotiations for the government. This commitment was reiterated in October during the government's International Investment Summit. Prime Minister Keir Starmer's December visit to the UAE and Saudi Arabia confirmed this priority. The GCC is a natural partner for the UK, given the decades-old strategic, investment and diplomatic cooperation between the two sides. UK-GCC trade stands at about $65 billion, with the Gulf as a bloc being the UK's fourth-largest trade partner. Further, initiatives like the UK-Saudi Arabia Strategic Partnership Council, the UK-UAE Partnership for the Future, the UK-Qatar Strategic Dialogue, and joint working groups with Bahrain, Oman and Kuwait have laid the groundwork for deeper cooperation across critical areas such as security, development, trade and investment. The trade negotiations have been revived at a strategic juncture, where both the UK and the Gulf states are investing in sectors of mutual interest, such as fintech, artificial intelligence, digitization and renewable energy. This has increased the avenues for cooperation between the two sides, as they are able to exchange expertise and best practices. The GCC is a natural partner for the UK, given the decades-old strategic, investment and diplomatic cooperation between the two sides. Zaid M. Belbagi Once established, the free trade agreement will facilitate easier movement of talent, allow British companies to access the fast-growing Gulf market and provide the Gulf consumer with a wider variety of goods and services. Separately, an enhanced trade regime between the two sides will increase investor confidence in the UK and the Gulf states. It may also provide the necessary momentum to the London Stock Exchange by drawing Gulf listings. While negotiations are underway, further delay is to be expected given that the GCC is not one unified, standardized economy. Each member state has its own economic priorities and existing relationship with the UK. Smaller economies such as Bahrain and Oman particularly stand to benefit from this deal. The UK has been the largest foreign investor in Oman recently, with more than $5 billion of British investment and nearly $1.5 billion in British exports over the past year. A Gulf minister familiar with the matter stated that the delay in the negotiations was due to the internal challenges in the UK. Parallel to the free trade agreement negotiations, the UK has ventured into bilateral partnerships in strategic sectors to provide further impetus to its economy. This month, the UK announced plans to sign a critical minerals cooperation agreement with Saudi Arabia at the Future Minerals Forum in Riyadh. As per this agreement, the UK would secure the long-term supply of minerals such as copper, lithium and nickel, which are critical components in electric vehicles, smartphones and AI data centers. The UK is counting on its international partners to support its economic recovery. A robust UK-GCC free trade agreement may thus hold the key to its economic recovery. Increased exports and investments are bound to have positive spillover effects on the British economy, such as job creation and increased consumer spending. Beyond these tangible benefits, a free trade agreement would also be a step toward strengthening diplomatic and strategic relations between the UK and the Gulf at a time when the former's global influence is waning. The UK has sought to restore this influence by carving out a place for itself in the region's defense, security and strategic framework, as seen in its recent joining of the US-Bahrain Comprehensive Security Integration and Prosperity Agreement. The government is also due to release its strategic defense review, which is expected to prioritize Gulf security cooperation. In light of such progress, the establishment of the free trade agreement will strengthen UK-GCC relations at a time of heightened geopolitical volatility in the Middle East. However, given the high international interest in investing in and partnering with the Gulf, significant delays in establishing the agreement may weaken the competitiveness of the UK's offering to the region. • Zaid M. Belbagi is a political commentator and an adviser to private clients between London and the Gulf Cooperation Council. X: @Moulay_Zaid
