PM to launch ‘Office for Investment’ in a bid to lure foreign investors
The Prime Minister will reportedly launch a new Downing Street operation to secure foreign investment for infrastructure projects amid the UK’s economic recovery.
Number 10 is working on a new “Office for Investment” which will be tasked with identifying and coordinating major infrastructure initiatives, according to Sky News.
Chief among these projects will be delivering the new gigafactories to supply electric batteries for the UK car industry. The government confirmed in February that it was seeking to phase out new petrol, diesel and hybrid cars by 2035.
Boris Johnson reiterated his commitment to investment infrastructure as he unveiled new spending pledges at the Conservative Party Conference.
The new Downing Street-backed operation was orchestrated by the minister for investment and former Standrad Life Aberdeen chairman Lord Grimstone, according to the broadcaster.
The City veteran was appointed by Johnson earlier this year to encourage investment into the UK from overseas institutions and sovereign wealth funds.
He has held a number of government advisory roles, including in UK-China and UK-India relations.
Johnson’s closest aides Dominic Cummings and Sir Edward Lister are said to have also been closely involved in the plan.
By basing the new unit in Downing Street, Johnson hopes to send a signal to foreign investors that their interest in investing into the economy will be “closely chaperoned”, one insider told Sky News.
It comes ahead of the imminent publication of the National Security and Investment Bill, which will give the government new powers to scrutinise overseas acquisitions of British companies and assets.
Number 10 was contacted for comment.