Chancellor announces $8 billion investment in Amazon Web Services, vowing to make the UK a better place

The Chancellor will welcome the announcement as part of the government’s mission to boost growth, stimulate investment and make every corner of the UK a better place to live. Reeves will say the government’s mission to improve its economic foundations is only just beginning.

Treasury Secretary Rachel Reeves today said: [11 September] Amazon Web Services has confirmed an £8 billion investment which is expected to support thousands of jobs across the UK.

The Chancellor secured the planned five-year investment at a meeting with Amazon Web Services last week. The investment is estimated to support around 14,000 jobs a year in local businesses, including jobs across the company’s data centre supply chain, such as construction, facilities maintenance, engineering and telecommunications, as well as other jobs in the wider local economy. AWS estimates that this investment in the UK will contribute $14 billion to the UK’s total GDP between 2024 and 2028.

Rachel Reeves will welcome this announcement as part of the Government's long-term mission to boost growth, stimulate investment and create better lives across the UK.

Speaking at the University of Silverstone's College of Technology today in partnership with Amazon Web Services to equip students with the skills they need to break into the digital infrastructure industry, the Chancellor warned that change cannot happen overnight and that positive economic growth in the second quarter would not be enough to make up for 14 years of stagnation under the previous government.

Treasury Secretary Rachel Reeves said:

I have no illusions about the scale of the challenge facing our economy, and let me be honest with the British people: change will not happen overnight. Positive economic growth in the second quarter does not make up for 14 years of stagnation under the previous government.

But this $8 billion investment signals the start of an economic recovery and shows that Britain is a place to do business. I am determined to go further in our mission to create jobs, stimulate investment and make every corner of Britain a better place. The hard work of fixing the foundations of our economy is only just beginning.

Tanuja Randery, Vice President and Managing Director, Europe, Middle East, and Africa (EMEA) for Amazon Web Services, said:

The next few years could be crucial for the UK’s digital and economic future, as businesses of all sizes across the country increasingly embrace technologies such as cloud computing and AI to help them accelerate innovation, increase productivity and compete on a global stage.

AWS is excited to announce plans to invest $8 billion in digital and AI infrastructure over the next five years to meet the growing needs of customers and partners and support the transformation of the UK’s digital economy.

This investment announcement comes ahead of this year’s UK Global Investment Summit on 14 October, where the UK will bring together the world’s most important businesses and investors to demonstrate that the UK delivers world-class services, with political and economic stability, a strategic government that works with business, a sound trade strategy and policies that enable growth.

today [11 September] The Organisation for Economic Co-operation and Development (OECD) publishes a biennial report on the UK economy, which provides analysis and insight into the state of the UK economy and policy challenges. HM Treasury has been working closely and collaboratively with the OECD on economic research.

The survey acknowledges the UK’s weak growth and low productivity growth over the past decade, partly due to a lack of investment, particularly after the UK voted to leave the EU in 2016. It highlights the importance of stability and certainty for business investment and reform of the planning system.

The government welcomes the OECD’s analysis and recommendations. The government’s top priority is to achieve sustainable growth growth based on stability, investment and reform as part of the 10-year renewal. The government has already announced plans to reform the planning system and stimulate additional investment, including through a new national wealth fund.

Sources 1/ https://Google.com/ 2/ https://www.gov.uk/government/news/chancellor-announces-8-billion-amazon-web-services-investment-as-she-vows-to-make-every-part-of-britain-better-off The mention sources can contact us to remove/changing this article

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