Britain hails US finance firms’ investments ahead of Trump visit

LONDON – Prime Minister Keir Starmer hailed on Sept 14 plans by American finance firms, including PayPal and Citi Group, to invest £1.25 billion (S$2.2 billion) in Britain, announced days ahead of President Donald Trump’s state visit.

The

investments by leading companies

, which include Bank of America and S&P Global, will create 1,800 jobs in London, Edinburgh, Belfast and Manchester, according to the government.

The announcement came as Britain prepares to welcome Mr Trump on Sept 16 for a historic second state visit, having been hosted by Queen Elizabeth II in 2019 during his first term in office.

“By working with our allies, we are creating jobs here,” said Mr Starmer. He is enduring a domestic political crisis following the recent

sacking of his ambassador in Washington

, Mr Peter Mandelson, over his friendship with sex offender Jeffrey Epstein.

Mr Starmer, who also recently lost his deputy in a scandal after she underpaid a property tax, added on X that the investments confirm “Britain’s place as a leader in global finance”.

As part of the plans, Bank of America will create up to 1,000 jobs in Belfast in its first-ever operation in Northern Ireland.

Citi Group will invest £1.1 billion across its British operations, including growing its presence in Northern Ireland. The bank is already one of Belfast’s top employers, with more than 4,000 people.

The British government said the twin investments are “firmly establishing Belfast as a major technology powerhouse”.

S&P Global is set to plough more than £4 million into its offices in Manchester, which will support 200 permanent jobs to boost its nearly 3,000-strong workforce.

PayPal will invest £150 million in “product innovations and growth”, the government added.

It noted BlackRock, which just opened an office in Scottish capital Edinburgh, was expected to allocate £7 billion to the British market in 2026 on behalf of clients, while investing £500 million in enterprise data centres.

Mr Trump’s visit, which will see him feted on Sept 17 by King Charles III and other royals in Windsor before he meets Mr Starmer the following day, is expected to focus on boosting transatlantic economic ties. AFP