Brexit: Vaccine model ‘benefit’ of leaving EU says Labour MP
Commenting on the new life sciences investment deal with Abu Dhabi’s Mubadala Investment Company, the International Trade Secretary welcomed an important trading partner for Brexit Britain. In yet another success for Ms Truss, the International Trade Secretary heralded a new era for the UK following the agreement on the UAE-UK Sovereign Investment Partnership (SIP). Mubadala will pump in £800million into the UK over five years in science, tech and green energy.
Commenting on the investment deal, Ms Truss said: “The UAE is an important trading partner for the UK and home to some of the world’s largest and most experienced investment companies.
“It’s fantastic that we are collaborating more closely in the industries of tomorrow like science, tech and green growth, so we can build back better and deliver an investment-led, jobs-led recovery from coronavirus.
“This is a major win for the Office for Investment and shows how the UK is an investment destination of choice.
“From Liverpool and Edinburgh to Oxford and Nottingham, our world-class life sciences clusters and innovative businesses will see the benefits of this partnership.”
Brexit news: Liz Truss has announced another mammoth new deal
Brexit news: Lord grimstone concluded negotiations
In order to welcome new trade to the UK, the Prime Minister and the Department for International Trade established the Office for Investment.
The SIP will also be deployed alongside the £200million Life Sciences Investment Programme which was announced last year.
It is also hoped the investment deal will help boost trade between the UK and UAE which was valued at £32billion in 2019.
Lord Gerry Grimstone championed the deal which will help the UK recover from the pandemic.
JUST IN: Brexit LIVE: Fury as £2m spent on UK patrols but no EU boat inspected
Brexit news: Lord Grimstone unveiled the agreement
Lord Grimstone said: “If we are to build back better from this pandemic, we need to refocus and re-double our efforts to attract foreign investment, which will increase productivity, economic growth across the country, boost our exports and better our research and development environment.
“We must sharpen our priorities and transform our investment offer accordingly to meet the demands of a changing global economic outlook – whether that be in greener or increased digitally-led opportunities.
“The Office for Investment will make it easier for international investors by bringing the very best of the UK directly to them.”
The investment deal with the UAE comes as the UK announced the creation of four regional trade and investment hubs to boost economic output.
David Cameron attacked Boris Johnson for ‘appalling’ behaviour [Latest]
Maastricht Treaty author admitted ‘constraints’ on integration [Insight]
Joanna Lumley sets record straight on discussing who she votes for [Update]
Brexit news: Ms Truss has announced yet another deal for the UK
Brexit news: Mr Johnson has praised the work of Ms Truss
The hubs will be located in Edinburgh, Cardiff, Belfast and Darlington as the Government looks to level up the UK.
The UK also announced a North Sea deal today to protect the oil and gas industry and set out a plan to transition to more green energy.
Within the deal, the Government will invest up to £16billion by 2030 in emerging technology.
This will focus on the development of energy sources such as hydrogen production, carbon capture and offshore windfarms.
Brexit news: A timeline of events leading to the UK’s exit
The transition deal also sets early targets to reduce emissions by 10 percent by 2025 and 25 percent by 2027.
Announcing the deal, Business and Energy Secretary Kwasi Kwarteng said: “Today, we are sending a clear message around the world that the UK will be a nation of clean energy as we build back better and greener from the pandemic.
“We will not leave oil and gas workers behind in the United Kingdom’s irreversible shift away from fossil fuels.
Brexit news: Ms Truss has worked to sign multiple deals
“Through this landmark sector deal, we will harness the skills, capabilities and pent-up private investment potential of the oil and gas sector to power the green industrial revolution, turning its focus to the next-generation clean technologies the UK needs to support a green economy.
“At every step on the path to net-zero emissions, we will create the right conditions for new green industries to base themselves in the UK and create new high-value employment opportunities, while future-proofing existing businesses to secure the long-term viability of jobs in our industrial heartlands.”