Sir Keir Starmer has hailed a £1.3 billion foreign investment package in clean energy and artificial intelligence projects as a major vote of confidence in Britain’s economy, promising thousands of jobs as the Government attempts to revive growth.
The Prime Minister announced the investment at the G7 summit, with French and Indian companies committing funds to battery storage, renewable energy infrastructure and technology projects across the UK.
The package includes a £1 billion investment from French private equity group InfraVia into battery storage and a flexible energy platform designed to strengthen the grid when renewable power supplies fall.
A further £300 million from Atri Energy Transition will support large-scale battery storage projects, while India’s Hexaware Technologies is investing £25 million in artificial intelligence operations.
The projects are expected to create more than 1,400 jobs across Manchester, Leeds and Birmingham, with ministers positioning the investment as evidence that Britain remains open for international business.
Sir Keir said the UK needed to offer investors “stability and a competitive environment” as geopolitical tensions and energy uncertainty continue to weigh on economies worldwide.
The Prime Minister said the funding would create “high-skilled jobs”, support British innovation and help shield households from future energy shocks.
The announcement comes as the Government seeks to reduce exposure to volatile global energy markets, with Starmer also working with G7 allies on measures to stabilise supply chains, protect shipping routes and ease pressure on household bills.
However, the investment push comes amid continued pressure on the Government to prove that major announcements can translate into sustained economic growth, higher productivity and improved living standards.
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