US banks offer $1.7 billion to Britain before Trump’s visit
The British government announced on Saturday an investment exceeding 1.25 billion pounds from major US financial firms, including PayPal, Bank of America, Citigroup, and S&P Global, in anticipation of a state visit by President Donald Trump.
The Department for Business and Trade stated that the investment is anticipated to generate 1,800 jobs in London, Edinburgh, Belfast, and Manchester, while also strengthening transatlantic financial connections. Bank of America is set to establish its first operation in Northern Ireland, generating up to 1,000 jobs in Belfast. Citigroup intends to invest 1.1 billion pounds in its UK operations, with a renewed focus on expanding its presence in Northern Ireland. S&P Global plans to invest more than 4 million pounds in Manchester, creating 200 permanent jobs.
Meanwhile, BlackRock is set to invest 7 billion pounds in the UK market next year and has opened a new office in Edinburgh, nearly doubling its local workforce. “These investments reflect the strength of our enduring ‘golden corridor’ with one of our closest trading partners,” said Peter Kyle. 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 government announced that the agreements align with 20 billion pounds in trade between Britain and the US.
On Saturday, the British Embassy in Washington announced that the countries are set to sign a technology agreement in the coming days to enhance collaboration between their trillion-dollar tech sectors. Trump will fly to Britain on Tuesday for his second state visit, anticipated to last three days.
