UK announces $82 billion investment plan

London, Oct 15
UK Chancellor Rachel Reeves unveiled a private investment plan worth 63 billion pounds (US$82.30 billion), which will create nearly 38,000 jobs and double last year's amount of investment in the country.

At the International Investment Summit on Monday, Reeves announced the expansion of the National Wealth Fund, which will merge with the existing UK Infrastructure Bank established by the previous government, reports Xinhua news agency.

The newly combined entity will be headquartered in Leeds, aiming to boost clean energy and growth industries.

UK Prime Minister Keir Starmer emphasised the nation's commitment to leading economic growth, promising to achieve this "through the shock and awe of investment."

The summit also saw commitments spanning the infrastructure and tech sectors. Business and Trade Secretary Jonathan Reynolds highlighted the UK's resolve to stimulate economic growth nationwide.

He added that the forthcoming Industrial Strategy will provide the certainty needed for the country to lead in innovation and job creation.