Ministers will this week unveil a revamp of the Whitehall funding hub that they hope will safe a whole bunch of billions of capital flows into the UK within the coming years.
Authorities sources stated the revamp – through which Sir Keir Starmer’s prime officers and the Treasury have been carefully concerned – would align the UK’s ‘investment resources’ below a single model.
The brand new OfI has absorbed groups from different Whitehall directorates with the target of decreasing confusion amongst worldwide buyers in Britain, based on the sources.
Greg Jackson, the Octopus Power chief, and Baroness Lane Fox, who chairs the British Chambers of Commerce, are anticipated to talk on the occasion in central London alongside senior authorities officers, based on individuals accustomed to the agenda.
Thursday’s summit will come days earlier than ministers launch the brand new industrial technique, with the OfI charged with concentrating on buyers in precedence sectors equivalent to clear vitality, superior manufacturing and life sciences.
A beefed-up funding hub was among the many key suggestions of the previous enterprise minister Lord Harrington’s overview – commissioned by then-chancellor Jeremy Hunt – in 2023.
One insider stated final yr’s Worldwide Funding Summit, at which ministers claimed to have drawn £63bn of recent funding for the UK, offered a strong basis for the revamped OfI.
An additional occasion designed to draw inward funding might be held in Birmingham later this yr, the chancellor, Rachel Reeves, introduced on Wednesday.
The Division for Enterprise and Commerce declined to touch upon Wednesday afternoon.
Supply hyperlink
