stockmarket

Top financiers attend UK investment summit; Heathrow passenger charges to rise – business live


Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Some of the biggest names in business are in town today as the UK pushes for foreign investment in green industries of the future.

Boris Johnson is hosting a one-day Global Investment Summit (GIS) where Britain will try to secure global partnerships to support green growth, with more than 200 of the world’s financiers and executives expected to attend.

Bill Gates, Goldman Sachs boss, David Solomon; JP Morgan’s Jamie Dimon, Barclays CEO, Jes Staley, BlackRock’s Larry Fink and Blackstone’s Stephen Schwarzman are among the attendees.

Prime minister Boris Johnson will be pitching the case for global investment in UK companies, based on green technology and finance.

Johnson is due to announce £9.7bn of “new foreign investment” in the UK has been secured at the Global Investment Summit, creating at least 30,000 new jobs.

However, the top three “green growth” projects highlighted by the prime minister – and worth a combined £8.5bn – have already been announced by the companies involved.

The list includes Spanish utility group Iberdrola investing £6bn in the East Anglia Hub offshore windfarm through its ScottishPower Renewables. The plan, which is said to create 7,000 jobs, was reported back in February — and is subject to securing planning consent and a government subsidy contract (a Contract for Difference).

Iberdrola’s Chairman, Ignacio Galán, says this project would help the UK hit its climate goals:


We share the ambition of the Prime Minister’s Ten Point Plan and, following the stable and predictable UK framework, we are committed to playing our part. Our £6bn investment in the East Anglia Hub would be a significant step to achieving enough offshore wind to power every UK home by 2030.

Johnson hopes to get more deals nailed down:


We will see new partnerships for green growth forged at today’s Global Investment Summit, as we look ahead to COP26 and beyond.

Last night, the PM hosted an exclusive dinner for some of the world’s most influential business leaders on Monday evening as he urges them to provide a “rocket boost” for “global Britain”.

He looked to woo top investors with a power dinner prepared by the Michelin three-star chef Clare Smyth, which included canapés of jellied eel, chicken liver parfait, pumpkin and white truffle gougères.

Smyth’s signature starter of potato and roe, a main course of venison cooked with 16-year-old whisky, and lemon and pear meringue was also on the menu.

Also coming up today…

Shareholders in supermarket group Morrisons are expected on Tuesday to approve a £7bn billion pound offer by U.S. private equity firm Clayton, Dubilier & Rice, ending a long takeover battle

The Business, Energy and Industrial Strategy (BEIS) Committee will question representatives of the UK’s haulage, manufacturing and food and drink industries on the UK’s supply chain disruption and shortages, and their impact on households and companies.

The agenda

  • 9am: UK hosts Global Investment Summit
  • 10.30am BST: BEIS committee hearing on the impact of supply chain delays on UK businesses and consumers
  • 1.30pm BST: US building permits and housing starts for September



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.