UK Chancellor to Create $1.9 billion Fund to Attract Foreign Investment

The British government intends to create a fund of $1.9 billion to attract additional foreign investment in the UK economy, especially in sectors such as the production of electric vehicles and the development of scientific inventions and programs applicable to improve everyday life.

In his budget announcement this Wednesday, Chancellor Rishi Sunak will also announce plans to attract highly qualified foreign specialists and amend existing rules to facilitate the relocation of international companies to the UK.

International companies with "strategically important" investment proposals will receive grants to develop the proposed plans. But only after a preliminary check on the value for people, not only in the London region, but also in other parts of the country.

By the way, the UK is already simplifying the immigration procedure for holders of prizes in the field of science and art.

Quote. "We want to make the UK the best place in the world to grow and develop business investment as we continue to support businesses, create jobs and raise our standard as we recover from the pandemic," Sunak said.

Details. The lion's share of the new Global Britain Investment Fund, more than $1.1 billion, is intended to support investments in the production and supply of electric vehicles in north-east England and the Midlands. Another $457 million will be used to increase investments in the development of life sciences, including preparation for future pandemics.

According to the EY consulting group, two-thirds of British businesses have called on the Chancellor to focus the budget on attracting investment to the UK and would like him to encourage initiatives that will accelerate the country's transition to a greener economy. About 55% of the more than 1,000 companies surveyed said Sunak should use tax breaks to promote environmental technologies or/and carbon taxes.

In addition, it is planned to extend the scheme of anti-cancer loans in the amount of up to $14 million to enterprises affected by the pandemic.

Source: The Guardian

Photo by Mike Clegg: Pexels

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