Keir Starmer, the UK Prime Minister, is set to announce the creation of a £10 billion AI datacentre in north-east England, bringing 4,000 jobs to the region. The datacentre will be funded by private equity firm Blackstone, led by Stephen Schwarzman, a big supporter of former US President Donald Trump. The investment is seen as a vote of confidence in the UK, with construction expected to begin next year on the site of the failed Britishvolt battery startup in Blyth, Northumberland.
The government is hoping to attract foreign investment into the UK, with the prime minister hosting chief executives in New York this week. Starmer aims to grow the UK economy through such investments, with a focus on skills training and infrastructure development in the area where the datacentre will be located. The government is also planning an international investment summit in October to further boost economic growth.
Starmer is also set to visit Brussels to discuss resetting EU-UK relations with European Commission President Ursula von der Leyen. The Labour leader has made investment in the UK a priority since taking office, with a focus on business development and worker rights.
The announcement of the AI datacentre project comes amidst ongoing consultations on tax reforms for private equity firms in the UK. The industry has been lobbying against proposed tax changes that would impact the way individuals in private equity pay taxes on their investments.
Overall, the creation of the AI datacentre in north-east England represents a significant investment in the region’s economy and a step towards strengthening global relations for the UK.
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