A significant £10 billion investment has been confirmed to boost the UK economy.
- The North East is set to benefit with the creation of 4,000 new jobs.
- Plans are focused on transforming a failed BritishVolt site in Blyth into a premier AI data centre.
- Blackstone, a US firm, leads the charge, backed by £110m for local support.
- UK leadership hails the move as a testament to Britain’s economic resilience.
In a transformative move set to bolster the UK economy, a substantial £10 billion investment has been announced by the Prime Minister. This initiative aims to generate 4,000 jobs in the North East, focusing on reviving the previously unsuccessful BritishVolt site in Blyth. The investment, spearheaded by US firm Blackstone, is poised to establish one of the largest artificial intelligence data centres in Europe, ensuring the storage and management of data crucial for AI systems.
The construction phase of the Northumberland site is anticipated to kick off next year, with the creation of 1,200 jobs during this period alone. Blackstone’s commitment extends beyond immediate economic opportunities, as the firm has also pledged £110 million towards enhancing skills training and improving transportation infrastructure in the region.
Blackstone’s President and COO, Jon Gray, remarked on the UK’s appeal as a top investment destination, attributing it to a powerful blend of talent and innovation supported by a transparent legal framework. “We are making significant commitments to various sectors, including social housing, energy transition, life sciences, and digital economy infrastructure. Our £10 billion investment in the hyperscale data centre underscores our dedication to Britain’s growth,” he noted.
Highlighting government support, Prime Minister Keir Starmer emphasised the strategic importance of foreign investment in driving the economic growth plan for the UK. According to Starmer, the collaboration with Blackstone is a major endorsement of the UK’s market on the global stage, reinforcing the message that Britain is open for business.
Recalling past endeavours, efforts to construct a major electric car battery plant in Blyth had been announced in 2022, promising 8,000 jobs. Unfortunately, BritishVolt’s collapse into administration witnessed a lack of viable buyers for the proposed gigafactory. This recent development marks a significant pivot in utilising the site for a cutting-edge AI data centre.
The £10 billion investment in North East underscores the UK’s robust economic potential and its resurgence as an attractive hub for global investors.
