Labour leader Keir Starmer is set to announce the creation of a £10bn AI datacentre in north-east England, which will bring 4,000 jobs to the region. The datacentre will be funded by private equity firm Blackstone, led by Stephen Schwarzman, a supporter of Donald Trump. The prime minister is in New York trying to attract foreign investment into the UK, hailing the investment in the AI datacentre as a vote of confidence in the UK.
Construction on the site in Blyth, Northumberland, is expected to begin next year and will store data needed to power AI systems. Blackstone will also invest £110m in a fund to support skills training and transport infrastructure in the area. Starmer is set to meet with Blackstone’s chief operating officer, Jon Gray, as well as other representatives of private equity firms and banks.
Starmer’s focus on attracting foreign investment aligns with his goal to grow the UK economy and create opportunities for British workers. He is also planning to visit Brussels next week to discuss the reset of EU-UK relations with European Commission president Ursula von der Leyen.
In addition to the AI datacentre investment, the government is preparing for an international investment summit in October and considering plans to raise taxes on private equity firms. The proposed tax changes have faced opposition from the industry, highlighting potential challenges in implementing the government’s economic strategies. Starmer has been meeting with business leaders and emphasizing the importance of foreign investment in driving economic growth in the UK.
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