Ahead of President Donald Trump’s state visit, the British government announced on Saturday that more than 1.25 billion pounds ($1.69 billion) in new investment had come from major U.S. financial firms, including PayPal, Bank of America, Citigroup, and S&P Global.
According to the Department for Business and Trade, the investment is anticipated to strengthen transatlantic financial linkages and generate 1,800 jobs in London, Edinburgh, Belfast, and Manchester.
Up to 1,000 jobs will be created in Belfast when Bank of America opens its first location in Northern Ireland.
In addition to further committing to expanding its footprint in Northern Ireland, Citigroup intends to invest 1.1 billion pounds throughout its UK operations.
In Manchester, S&P Global will invest more than £4 million to support 200 permanent positions, while BlackRock has created a new office in Edinburgh, nearly tripling its local personnel, and is expected to invest £7 billion in the UK market next year.
Britain’s trade minister, Peter Kyle, stated, “These investments demonstrate the strength of our longstanding ‘golden corridor’ with one of our closest trading partners.”
Finance Minister Rachel Reeves stated that the investments would “kickstart the growth that is essential to putting money in working people’s pockets across every part of the United Kingdom.”
The agreements align 20 billion pounds of trade between the United States and Britain, according to the government.
The British Embassy in Washington also announced on Saturday that the nations aim to further cooperation between their trillion-dollar IT industries by signing a technology pact in the next few days.
Trump’s second state visit to the United Kingdom is scheduled to begin on Tuesday and is anticipated to last three days.
