Several US financial giants have pledged to invest £1.25 billion ($1.7 billion) in the United Kingdom, which the UK Department for Business and Trade (DBT) says will create 1,800 new jobs.
PayPal, Bank of America (BofA), Citibank and S&P Global have promised the private sector commitments, which will create new jobs in London, Edinburgh, Belfast and Manchester, according to a new DBT press release.
BofA itself is primed to create up to 1,000 new jobs in Belfast in its first operation in Northern Ireland.
The asset management giant BlackRock is also investing in the UK with the opening of its new Edinburgh office this week, which the DBT says is set to create nearly 800 new jobs. BlackRock also plans to invest £500 ($680) million into enterprise data centers across the country.
Rachel Reeves, Chancellor of the Exchequer, says the commitment from America’s leading financial institutions demonstrates “the immense potential” of the UK economy.
“These investments will create thousands of high-skilled jobs from Belfast to Edinburgh, kickstarting the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom.”
The new private sector investment was announced as US President Donald Trump plans to visit the UK this week.
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