As the UK prime minister delivered his speech at the inaugural International Investment Summit, calling for a more streamlined regulatory environment and a reduction in bureaucratic hurdles, infrastructure investors like Macquarie, DP World and Manchester Airports Group (MAG) expressed their keen interest in investing heavily in the UK economy.
However, a body representing more than 100 global infrastructure investors, cautioned that, while the prime minister’s speech was encouraging, concrete actions and detailed plans were necessary to demonstrate the UK’s commitment to creating a more attractive investment climate.
In his speech, prime minister Keir Starmer said it was time to “upgrade the regulatory regime” and “rip out the bureaucracy that blocks investment”, as part of his “crucial areas in our pitch for Britain”, which included a strategy to accelerate investment in clean power and future technologies.
Jon Phillips, CEO of the Global Infrastructure Investor Association said: “The UK’s reputation as an attractive investment destination has suffered in recent years thanks to political instability and an unattractive regulatory regime.
“Labour’s large majority should ease concern about the first issue, while the prime minister’s focus on the importance of private sector investment, infrastructure development, and regulatory reform as critical components of the UK’s growth agenda is welcome.
“A regulatory regime that has more focus on economic growth will encourage greater investment in the UK’s critical infrastructure sectors like energy, transport and water.”
Macquarie has pledged to invest in expanding electric vehicle charging infrastructure across the UK through its Roadchef motorway services, as part of a wider £20bn (€23.9bn) investment plan for its UK portfolio in energy, utilities, transport, waste and digital infrastructure.
Shemara Wikramanayake, MD and CEO of Macquarie Group, said: “The upgrade of Roadchef sites is our latest in a long line of investments in UK infrastructure and we have plans to invest more. We believe that infrastructure investment helps create strong foundations for economic growth, job creation, better services for the public and stronger communities.”
London Stansted Airport unveiled a five-year £1.1bn investment plan, comprising a £600m investment to expand its existing terminal.
IFM Investors, a major shareholder in Manchester Airports Group (MAG), hailed the investment as a positive sign for the UK’s investment climate. MAG is owned by Manchester City Council with a 35.5% interest, the nine other Greater Manchester local authorities with 29% and IFM Investors holding a 35.5% stake.
Dubai state-owned global logistics firm DP World has announced a £1bn expansion of London Gateway to make it Britain’s largest container port within five years in a boost to the volume and resilience of international trade. The plan involves building two new shipping berths, taking the total to six berths able to receive the world’s largest container ships.
The expansion will take the total invested by DP World at London Gateway to more than £3bn, converting the site of a former oil refinery into one of the UK’s largest and most important logistics hubs.
US companies CyrusOne, ServiceNow, Cloud HQ and CoreWeave have also announced plans to invest a combined £6.3bn in data infrastructure in the UK.
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