At Labour’s first Investment Summit in London, global businesses committed to invest £63bn in the UK economy and create 38,000 jobs. This was double the £29bn secured at last year’s summit.

Chancellor Rachel Reeves, MP said: ‘When we said we would end instability, make growth our national mission and enter a true partnership with business we meant it. 

‘The decisions which lie ahead of us will not always be easy. But by taking the right choices to grow our economy and drive investment we will create good jobs and new opportunities across every part of the country. That is the Britain we are building.’

Investment included over a billion pounds by DP World to improve container port facilities at London Gateway, Eli Lilly’s £279m investment into research into the impact of anti-obesity drugs on health outcomes and employment prospects, and Imperial College London has earmarked funds for a new R&D campus in west London.