Latest news with #ModernIndustrialStrategy
Irish Independent
7 hours ago
- Business
- Irish Independent
Comment: The UK's newly launched Modern Industrial Strategy is creating fresh opportunities for Irish companies
Today at 00:30 Attending the business leaders' breakfast at the UK/Irish Summit in March, I was struck by one contribution in particular. A CEO with a big presence on both sides of the Irish Sea said to the Taoiseach and prime minister that, given the turbulence and instability in many parts of the world, which has only intensified in the last few days, investors saw our two countries as something of a 'safe haven'. In my five years here, even when the political relationship was strained, I've been struck by the intense cooperation between UK and Irish businesses. That speaks to a wider truth: our two nations have always been more than just neighbours – we're partners with shared histories and intertwined futures. That's why the UK's Modern Industrial Strategy, published this week, is a great opportunity for Irish enterprise. The UK is embarking on an ambitious and overdue economic renewal. We aim to deliver the highest sustained growth in the G7, creating jobs and higher living standards across every part of the UK, including Northern Ireland. The new 10-year Modern Industrial Strategy is intended to back up words with action. Whether you're an innovator in clean energy, a tech disruptor or a scaling life sciences business, our strategy can back you, not just today but for the longer term. There's a lot in there for Ireland. You're the UK's sixth largest trading partner, with two-way trade approaching €100bn a year. Many Irish companies have substantial UK operations and are considering expansion. Others are eager to capitalise on the scale of the UK's domestic market. Early results for 2024-25 show that Irish companies launched more than 50 new investments in the UK, involving almost €2bn and creating 3,000 jobs. The industrial strategy will make us an even better place to invest. It focuses on eight sectors: advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences and professional and business services. In most of those, Ireland/UK cooperation is already strong, and in all there's scope to develop. ADVERTISEMENT Learn more Sector plans have been released for advanced manufacturing, creative industries, clean energy industries, digital and technologies, professional and business services – with plans for life sciences, financial services and defence to come soon. Each sector plan has been co-developed with business, with clear commitments from both government and industry based around shared priorities, creating a model for cross-border business engagement that could benefit Irish-UK trade relations. We rank sixth in the world and third in Europe in the EY Renewable Energy Country Attractiveness Index Take clean energy, where the UK is one of the world's most important markets, attracting £2.6bn (€3bn) of clean tech investment in 2023. We rank sixth in the world and third in Europe in the EY Renewable Energy Country Attractiveness Index. For Irish renewable companies looking to expand, our commitment to achieving at least 95pc clean power by 2030 represents substantial investment opportunities. We are building on the agreements in place between the UK and Ireland on energy security and energy transition to step up co-operation. The government recognises high electricity prices as barriers to industrial activity and electrification, with plans to make UK energy prices more competitive and predictable. Another example is digital and technology where the UK's ecosystem is valued at more than $1tn, with over 160 tech unicorns, the highest number in Europe. Three great Irish companies were finalists in the European round of our inaugural Unicorn Kingdom Pathfinder Awards – Gallarus Industry Solutions, Biologit and Future Mobility Ireland, with Gallarus getting to the global final. I'm confident they are pathfinders for many more to follow. As well as a major focus on AI, quantum technology, cyber security and data, the industrial strategy specifically highlights digital and technology clusters concentrated in cities across the UK – including those close to Ireland, such as Cardiff and Bristol – creating natural locations for Irish-UK tech collaboration just across the Irish Sea. Professional and business services (PBS) also offers substantial east-west and north-south opportunities for Irish firms. This covers legal services including accounting, management consulting and architecture, and contributes more than £225bn annually to the UK economy. Irish professional service providers already benefit from streamlined regulatory frameworks and direct access to London's financial hub while maintaining their EU market presence. With an ambitious strategy to double business investment in PBS from £30bn to £65bn by 2035, the UK is strengthening its position as 'the world's most trusted adviser to global industry', a goal that benefits Irish firms with complementary specialties. The government is committed to giving more powers to mayors and other local leaders Our industrial strategy extends throughout the UK. The government is committed to giving more powers to mayors and other local leaders, helping to expand regional clusters that build on each UK region's strengths, creating re-energised growth hubs with distinct specialisations ideal for Irish companies looking at opportunities across the entirety of the UK marketplace. The embassy's Joining the Dots programme is in its sixth year of connecting business outside Dublin and London to promote opportunities for growth. Every CEO I meet emphasises the importance of access to talent and skills. We are addressing this through a range of initiatives, not least Skills England, ensuring people have the right skills for industries of the future. Let's make the UK/Ireland Common Travel Area a Common Talent Area as we do so. For example, we're putting £400m into 16-19 years education with targeted funding for courses in engineering and digital skills to ensure a growing talent pool that can benefit integrated supply chains across Ireland and the UK. Talking of talent, the embassy's dedicated business and trade team is at your service to help you source high-quality goods and services from, and/or invest and grow in, your nearest neighbour. We look forward to hearing from you.
Business Times
9 hours ago
- Business
- Business Times
Amazon to invest £40 billion in UK over three years
[LONDON] Online retail giant Amazon will invest £40 billion (S$69.2 billion) in the UK over the next three years, the government said on Tuesday (Jun 24), a boost for Prime Minister Keir Starmer as he struggles to kickstart the economy. Starmer, who met Amazon chief executive officer Andy Jassy last week, said the announcement 'adds another major win to Britain's basket and is a massive vote of confidence in the UK as the best place to do business. 'It means thousands of new jobs – real opportunities for people in every corner of the country to build careers, learn new skills, and support their families. 'Whether it's cutting-edge AI or same-day delivery, this deal shows that our Plan for Change is working – bringing in investment, driving growth, and putting more money in people's pockets,' he added. The £40 billion will be used to build four distribution centres, creating an estimated 4,000 jobs, and to renovate the historic Bray Film Studios, acquired in July 2024. Last December, Amazon signed an agreement with Games Workshop, the British company that owns the rights to Warhammer 40,000, to produce films and TV series based on the futuristic fantasy universe. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The project is set to star Henry Cavill, known for his roles in in Superman and The Witcher. The investment also includes part of the £8 billion previously announced in September 2024 for building, operating and maintaining data centres in the UK, aimed at boosting artificial intelligence (AI) computer capacity. The announcement coincides with the publication of the government's 'Modern Industrial Strategy', which outlines how the state and high-growth industries will collaborate in the future. 'Right track' It offers a rare piece of good news for the Labour government, which has been buffeted by US tariffs and global conflicts and seen its domestic policy of tax hikes and public investment fail to deliver on its promise of growth. Business and Trade Secretary Jonathan Reynolds will visit Amazon's headquarters in London on Tuesday to mark the announcement. 'Our Modern Industrial Strategy will ensure the UK is the best country to invest and do business, and seeing massive international firms like Amazon bank on Britain shows we are on the right track,' he said. Amazon already employs more than 75,000 people in over 100 sites across the UK. Jassy said the company was 'bringing innovation and job creation to communities throughout England, Wales, Scotland and Northern Ireland. 'Amazon has been proud to serve our customers in the UK for the past 27 years. Thanks to their support, we have grown to be part of over 100 communities nationwide, from developing drone technology in Darlington to producing world-class entertainment at our studios in Bray,' he added. Jassy announced last February that Amazon would invest more than US$100 billion this year, primarily to boost its cloud and AI capabilities. Australia was the focus last week, when the US firm announced US$13.3 billion over five years for its data centres, the largest technology investment ever made in the country. In June, Amazon also announced major investments in North Carolina (US$10 billion) and Pennsylvania (US$20 billion), again for data centres and AI projects. Amazon is currently under investigation by the UK Food Regulator, suspected of late payments to food suppliers. If found guilty, Amazon could be fined up to one per cent of its annual UK turnover. REUTERS
Time of India
9 hours ago
- Business
- Time of India
Amazon to invest £40 billion in UK over 3 years: govt
Live Events Online retail giant Amazon will invest £40 billion ($54 billion) in the UK over the next three years, the government said Tuesday, a boost for Prime Minister Keir Starmer as he struggles to kickstart the who met Amazon CEO Andy Jassy last week, said the announcement "adds another major win to Britain's basket and is a massive vote of confidence in the UK as the best place to do business."It means thousands of new jobs -- real opportunities for people in every corner of the country to build careers, learn new skills, and support their families."Whether it's cutting-edge AI or same-day delivery, this deal shows that our Plan for Change is working -- bringing in investment, driving growth, and putting more money in people's pockets," he £40 billion will be used to build four distribution centres, creating an estimated 4,000 jobs, and to renovate the historic Bray Film Studios, acquired in July December, Amazon signed an agreement with Games Workshop, the British company that owns the rights to "Warhammer 40,000", to produce films and TV series based on the futuristic fantasy project is set to star Henry Cavill, known for his roles in in "Superman" and "The Witcher".The investment also includes part of the £8 billion previously announced in September 2024 for building, operating and maintaining data centres in the UK, aimed at boosting artificial intelligence (AI) computer announcement coincides with the publication of the government's "Modern Industrial Strategy", which outlines how the state and high-growth industries will collaborate in the offers a rare piece of good news for the Labour government, which has been buffeted by US tariffs and global conflicts and seen its domestic policy of tax hikes and public investment fail to deliver on its promise of and Trade Secretary Jonathan Reynolds will visit Amazon's headquarters in London on Tuesday to mark the announcement."Our Modern Industrial Strategy will ensure the UK is the best country to invest and do business, and seeing massive international firms like Amazon bank on Britain shows we are on the right track," he already employs more than 75,000 people in over 100 sites across the said the company was "bringing innovation and job creation to communities throughout England, Wales, Scotland, and Northern Ireland."Amazon has been proud to serve our customers in the UK for the past 27 years. Thanks to their support, we've grown to be part of over 100 communities nationwide, from developing drone technology in Darlington to producing world-class entertainment at our studios in Bray," he announced last February that Amazon would invest more than $100 billion this year, primarily to boost its cloud and AI was the focus last week, when the US firm announced $13.3 billion over five years for its data centres, the largest technology investment ever made in the June, Amazon also announced major investments in North Carolina ($10 billion) and Pennsylvania ($20 billion), again for data centres and AI is currently under investigation by the UK Food Regulator, suspected of late payments to food found guilty, Amazon could be fined up to one percent of its annual UK turnover.
Business Times
11 hours ago
- Business
- Business Times
Amazon to invest £40 billion in UK over three years: government
[LONDON] Online retail giant Amazon will invest £40 billion (S$69.2 billion) in the UK over the next three years, the government said on Tuesday, a boost for Prime Minister Keir Starmer as he struggles to kickstart the economy. Starmer, who met Amazon CEO Andy Jassy last week, said the announcement 'adds another major win to Britain's basket and is a massive vote of confidence in the UK as the best place to do business. 'It means thousands of new jobs - real opportunities for people in every corner of the country to build careers, learn new skills, and support their families. 'Whether it's cutting-edge AI or same-day delivery, this deal shows that our Plan for Change is working - bringing in investment, driving growth, and putting more money in people's pockets,' he added. The £40 billion will be used to build four distribution centres, creating an estimated 4,000 jobs, and to renovate the historic Bray Film Studios, acquired in July 2024. In December, Amazon signed an agreement with Games Workshop, the British company that owns the rights to Warhammer 40,000, to produce films and TV series based on the futuristic fantasy universe. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The project is set to star Henry Cavill, known for his roles in in Superman and The Witcher. The investment also includes part of the £8 billion previously announced in September 2024 for building, operating and maintaining data centres in the UK, aimed at boosting artificial intelligence (AI) computer capacity. The announcement coincides with the publication of the government's 'Modern Industrial Strategy', which outlines how the state and high-growth industries will collaborate in the future. 'Right track' It offers a rare piece of good news for the Labour government, which has been buffeted by US tariffs and global conflicts and seen its domestic policy of tax hikes and public investment fail to deliver on its promise of growth. Business and Trade Secretary Jonathan Reynolds will visit Amazon's headquarters in London on Tuesday to mark the announcement. 'Our Modern Industrial Strategy will ensure the UK is the best country to invest and do business, and seeing massive international firms like Amazon bank on Britain shows we are on the right track,' he said. Amazon already employs more than 75,000 people in over 100 sites across the UK. Jassy said the company was 'bringing innovation and job creation to communities throughout England, Wales, Scotland, and Northern Ireland. 'Amazon has been proud to serve our customers in the UK for the past 27 years. Thanks to their support, we've grown to be part of over 100 communities nationwide, from developing drone technology in Darlington to producing world-class entertainment at our studios in Bray,' he added. Jassy announced last February that Amazon would invest more than US$100 billion this year, primarily to boost its cloud and AI capabilities. Australia was the focus last week, when the US firm announced US$13.3 billion over five years for its data centres, the largest technology investment ever made in the country. In June, Amazon also announced major investments in North Carolina (US$10 billion) and Pennsylvania (US$20 billion), again for data centres and AI projects. Amazon is currently under investigation by the UK Food Regulator, suspected of late payments to food suppliers. If found guilty, Amazon could be fined up to one per cent of its annual UK turnover. REUTERS
New Straits Times
11 hours ago
- Business
- New Straits Times
Amazon to invest US$54bil in UK over 3 years: govt
LONDON: Online retail giant Amazon will invest US$54 billion in the UK over the next three years, the government said Tuesday, a boost for Prime Minister Keir Starmer as he struggles to kickstart the economy. Starmer, who met Amazon CEO Andy Jassy last week, said the announcement "adds another major win to Britain's basket and is a massive vote of confidence in the UK as the best place to do business. "It means thousands of new jobs – real opportunities for people in every corner of the country to build careers, learn new skills, and support their families. "Whether it's cutting-edge AI or same-day delivery, this deal shows that our Plan for Change is working – bringing in investment, driving growth, and putting more money in people's pockets," he added. The £40 billion will be used to build four distribution centres, creating an estimated 4,000 jobs, and to renovate the historic Bray Film Studios, acquired in July 2024. In December, Amazon signed an agreement with Games Workshop, the British company that owns the rights to "Warhammer 40,000", to produce films and TV series based on the futuristic fantasy universe. The project is set to star Henry Cavill, known for his roles in in "Superman" and "The Witcher." The investment also includes part of the £8 billion previously announced in September 2024 for building, operating and maintaining data centres in the UK, aimed at boosting artificial intelligence (AI) computer capacity. The announcement coincides with the publication of the government's "Modern Industrial Strategy", which outlines how the state and high-growth industries will collaborate in the future. It offers a rare piece of good news for the Labour government, which has been buffeted by US tariffs and global conflicts and seen its domestic policy of tax hikes and public investment fail to deliver on its promise of growth. Business and Trade Secretary Jonathan Reynolds will visit Amazon's headquarters in London on Tuesday to mark the announcement. "Our Modern Industrial Strategy will ensure the UK is the best country to invest and do business, and seeing massive international firms like Amazon bank on Britain shows we are on the right track," he said. Amazon already employs more than 75,000 people in over 100 sites across the UK. Jassy said the company was "bringing innovation and job creation to communities throughout England, Wales, Scotland, and Northern Ireland. "Amazon has been proud to serve our customers in the UK for the past 27 years. Thanks to their support, we've grown to be part of over 100 communities nationwide, from developing drone technology in Darlington to producing world-class entertainment at our studios in Bray," he added. Jassy announced last February that Amazon would invest more than US$100 billion this year, primarily to boost its cloud and AI capabilities. Australia was the focus last week, when the US firm announced US$13.3 billion over five years for its data centres, the largest technology investment ever made in the country. In June, Amazon also announced major investments in North Carolina (US$10 billion) and Pennsylvania (US$20 billion), again for data centres and AI projects. Amazon is currently under investigation by the UK Food Regulator, suspected of late payments to food suppliers. If found guilty, Amazon could be fined up to one percent of its annual UK turnover. j
