Reeves Seals Key Deals at Davos
Votes of confidence in the UK economy as Chancellor secures £1.5 billion in major new private investments
- Pension fund M&G earmarks £1 billion for communities, biopharmaceutical firm UCB confirms £500 million for UK R&D
- Deals were secured by Rachel Reeves as she meets global investors, CEOs and leaders at the World Economic Forum where she promoted the UK as a haven of stability in an uncertain world.
Britain’s reputation as one of the best places in the world to invest was bolstered today as the Chancellor announced major new private investments at the World Economic Forum in Davos.
225 places across Britain – including in the North, Midlands, Wales and the South East – have been identified by savings and investment giant M&G as places where communities could benefit from a landmark £1 billion investment fund, announced by Chancellor Rachel Reeves today in Davos.
The new UK Social Investment Fund will invest in areas facing housing and transport shortages and in communities needing town-centre renewal, new education and health facilities, and low-carbon or digital infrastructure to support the UK’s net zero transition.
In a further vote of confidence, global biopharmaceutical company UCB confirmed its £500 million investment in UK R&D and manufacturing, in Surrey.
The investment means that UCB will continue to develop a range of medicines for immunological diseases, here in the UK, from its new world-class research hub being developed in Windlesham. It will support cutting‑edge research, safeguard and create high‑skilled jobs, and help drive the growth that keeps Britain competitive on the global stage through our outsize strengths in the life sciences sector.
Made possible by the government’s Life Sciences Innovative Manufacturing Fund, the investment will also strengthen the country’s health resilience, securing capacity for end-to-end medicines development in the UK.
Chancellor of the Exchequer Rachel Reeves said:
I came to Davos to champion Britain as one of the best places in the world to invest, grow a business, and deploy capital – and that plan is working.
M&G’s investment is exactly what our pensions and investment reforms are designed to unlock – billions of pounds to build the homes, infrastructure and invest in innovative businesses that will power Britain’s next decade of growth.
I’m also delighted with UCB’s vote of confidence in Britain’s world‑class life sciences sector that will support cutting‑edge research, create highly‑skilled jobs, and help drive the growth that keeps Britain competitive on the global stage.
Andrea Rossi, Chief Executive of M&G plc, said:
By unlocking capital from British savers and international partners, M&G is poised to build critical infrastructure, support the growth of British businesses, while laying the foundations for a more productive, sustainable economy and stronger communities across the country.
Alistair Henry, Executive Vice President and Chief Scientific Officer, UCB, said:
The LSIMF grant strengthens our collaboration with government to support the life sciences sector and we are delighted to be able to deliver a campus and scientific capability that not only cements drug discovery here but adds value to the country’s health resilience and opportunities for the life sciences workforce.
In addition, M&G also announces today that its M&G Catalyst Growth Equity Fund (‘Catalyst’) has secured commitments in excess of $850 million, including $100 million from the British Business Bank alongside other institutional investors.
Catalyst backs innovative growth-stage companies in the UK and globally that are addressing critical challenges for our society. With the help of capital from Catalyst, these companies can become market leaders in technology, healthcare and sustainability. The British Business Bank’s investment is driven by its wider mission to boost support for high‑potential UK companies at the stage when growth capital is hardest to secure.
The Chancellor’s programme at the World Economic Forum continues today with a Women in Work fireside chat, where she’ll set out how women’s participation in the economy drives a stronger, more productive and more competitive Britain on the global stage. She will also meet with top executives from AstraZeneca, LinkedIn and Revolut.
https://www.gov.uk/government/news/reeves-gets-deals-done-at-davos
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