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Rishi Sunak unveils £29.6 billion project to create 12,000 jobs

By Nithya Bose in UK Business News, posted November 27, 2023

Rishi Sunak will announce a multibillion-pound investment plan, which is expected to generate over 12,000 new jobs across the UK.

Mr Sunak will unveil a £29.6 billion investment to advance the government's commitment to levelling up various parts of Britain.

The funding will secure projects in key sectors such as technology, life sciences, housing, and renewable energy.

Sunak is to be joined by top business leaders and investors at a summit in Hampton Court Palace, London.

Last week, Chancellor Jeremy Hunt revealed roughly £20 billion in business and personal tax cuts during the autumn statement, emphasising a pro-growth approach.

Mr Sunak said: "Today's investments, worth more than £29bn, will create thousands of new jobs and are a huge vote of confidence in the future of the UK economy.

"Attracting global investment is at the heart of my plan for growing the economy.

“With new funding pouring into key industries like clean energy, life sciences and advanced technology, inward investment is creating high-quality new jobs and driving growth right across the country."

"Today is yet another huge vote of confidence in our dynamic, pro-business and highly innovative economy"

However, the UK's independent spending watchdog warns of the country facing its highest tax burden since World War II, with a potential decline in living standards for Britons.

Business and Trade Secretary Kemi Badenoch said: "Today is yet another huge vote of confidence in our dynamic, pro-business and highly innovative economy and proves that our plan for growth is working."

Labour, on the other hand, criticises the government's investment policy as a "total failure" over the past 13 years.

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Economic activity in November showed signs of expansion, with the services sector contributing to the lift in the UK economy.

While a pause in interest rate hikes relieves businesses, experts caution that the possibility of a recession still looms.

Mr Sunak applauded Nissan's decision to invest over £1 billion in building electric cars in Sunderland, considering it a "massive vote of confidence" in the country.

The Japanese automaker intends to produce electric Qashqai and Juke models alongside the next generation of the electric Leaf at its North East factory.

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