UK Prime Minister Keir Starmer has announced a significant investment deal with American investment company Blackstone during a visit to New York, US.
The £10bn ($13.3bn) agreement, orchestrated by the UK's Office for Investment, is set to establish the largest AI data centre in Europe, situated in Blyth, Northumberland.
The initiative is expected to generate more than 4,000 jobs, with 1,200 earmarked for the construction phase of the project. The data centre will play a crucial role in housing and managing the extensive data sets required for AI operations.
This investment further strengthens the UK-US trading relationship, which already boasts an annual value exceeding £340bn.
Construction is set to commence next year, signifying a major boost to the UK's AI industry and economic expansion within the local community.
The prime minister has emphasised economic growth as the new government's primary objective, with foreign investment being instrumental in job and income generation for British workers.
The investment also includes a £110m commitment from Blackstone towards a local fund aimed at enhancing skills training and improving transportation infrastructure in Blyth.
This development follows the recent classification of data centres as 'Critical National Infrastructure' by the Labour government, underscoring the country's commitment to providing a secure environment for such investments.
In addition to meeting with Blackstone president Jon Gray, the prime minister's visit aims to reinforce the UK's position as a prime location for global investment, ahead of the International Investment Summit next month.
Starmer said: “The number one mission of my government is to grow our economy, so that hardworking 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.”
