Major financiers participate in UK investment summit; regulator caps heathrow fee increase – business live | Business
Hello and welcome to our continued coverage of the global economy, financial markets, euro area and business.
Some of the biggest names in business are in town today as the UK encourages foreign investment in the green industries of the future.
Boris Johnson is hosting a one-day World Investment Summit (GIS) where Britain will seek to forge global partnerships to support green growth, with the participation of more than 200 of the world’s financiers and leaders.
Bill Gates, Goldman Sachs boss David Solomon; Jamie Dimon of JP Morgan, Jes Staley, CEO of Barclays, Larry Fink of BlackRock and Stephen Schwarzman of Blackstone are among the participants.
Prime Minister Boris Johnson will advocate for global investments in UK companies, based on green technology and finance.
Johnson is due to announce that £ 9.7 billion in “new foreign investment” in the UK was secured at the World Investment Summit, creating at least 30,000 new jobs.
However, the top three ‘green growth’ projects highlighted by the Prime Minister – and worth a combined £ 8.5bn – have already been announced by the companies involved.ed.
The list includes the Spanish utility group Iberdrola invest £ 6 billion in the East Anglia Hub offshore wind farm through ScottishPower Renewables. The plan, which is expected to create 7,000 jobs, was reported in February – and is subject to obtaining planning consent and a government grant contract (a contract for the difference).
Iberdrola President, Ignacio Galan, says this project would help the UK meet its climate goals:
We share the ambition of the Prime Minister’s ten point plan and, in line with the stable and predictable UK framework, we are committed to playing our part. Our £ 6bn investment in the East Anglia hub would be an important step towards achieving enough offshore wind power to power every UK home by 2030.
Johnson hopes to get more deals:
We will see new partnerships for green growth forge at today’s World Investment Summit, as we look to COP26 and beyond.
Last night, the Prime Minister hosted an exclusive dinner on Monday evening for some of the world’s most influential business leaders, as he urges them to provide a “boost” to “Global Britain”.
He sought to woo top investors with a potent dinner prepared by three Michelin-star chef Clare Smyth, which included jellied eel canapes, chicken liver parfait, pumpkin and white truffle gougères.
Smyth’s signature potato and egg based starter, venison main course cooked with 16 year old whiskey, and lemon pear meringue were also on the menu.
Also coming today …
Shareholders in Morrisons supermarket group are set to approve a £ 7bn offer from US private equity firm Clayton, Dubilier & Rice on Tuesday, ending a long takeover battle
The Business, Energy and Industrial Strategy Committee (BEIS) will interview representatives of the UK transport, manufacturing and food and drink sectors on disruptions and shortages in the UK supply chain, and their impact on households and businesses.
- 9am: UK hosts Global Investment Summit
- 10:30 a.m. BST: BEIS Committee hearing on the impact of supply chain delays on UK businesses and consumers
- 1:30 p.m. BST: building permits and housing starts in the United States for September