Sir Keir Starmer has secured a £10 billion investment in the North East from US firm Blackstone.
The American private investment giant is looking to build an artificial intelligence data centre in Blyth, Northumberland, in the same spot that had been earmarked for a £300 million battery gigafactory under the Johnson administration until the deal fell through.
The fresh investment into Blyth was announced by prime minister Keir Starmer in New York yesterday.
According to the government, the scheme will create more than 4,000 jobs, including 1,200 roles dedicated to building the site.
Blackstone said it would invest £110 million into a fund supporting skills training and transport infrastructure in the area.
Prime minister Keir Starmer said: ”The number one mission of my government is to grow our economy, so that hard-working British people reap the benefits – and more foreign investment is a crucial part of that plan.
“New investment such as the one we’ve announced with Blackstone today is a huge vote of confidence in the UK and it proves that Britain is back as a major player on the global stage and we’re open for business.
Jon Gray, President and Chief Operating Officer of Blackstone, said: “The UK is a top investment market for Blackstone because of its powerful combination of talent and innovation along with a highly transparent legal system.
“We are making significant commitments to building social housing, facilitating the energy transition, growing life sciences companies and developing critical infrastructure needed to fuel the digital economy.
“This includes a projected £10 billion investment to build one of Europe’s largest hyperscale data centres supporting 4,000 jobs. Blackstone is committed to Britain.”
Construction is set to begin next year.
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