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Prime Minister targets overseas funds with new inward investment body
A new one-stop-shop has been set up to help international investors identify and fund regeneration opportunities in the UK
The Prime Minister made the announcement in his speech at the Lord Mayor’s Banquet last night (11 November 2013).
The Regeneration Investment Organisation (RIO) will be administered by UK Trade and Investment, with an independent advisory board comprised of big hitters from British business and government and chaired by former Lord Mayor of the City of London Sir Michael Bear.
Members include Argent CEO David Partridge, St Modwin CEO Bill Oliver, Macquarie’s Jonathan Harris, and Professor Michael Parkinson of Liverpool University.
RIO will direct investors to credible, UK industry-backed development opportunities throughout the country, helping boost international investor confidence and ensuring good local projects get the investment they need to succeed.
Speaking last night the Prime Minister, David Cameron said:
I am delighted that Alderman and former Lord Mayor Sir Michael Bear has agreed to chair a new Regeneration Investment Organisation as part of UK Trade and Investment.
This will act as a one-stop-shop for our major inward investment opportunities - with £100 billion of possible projects on the table.
These projects won’t just mean new jobs in London or the South East - but right across the whole country.
And the first deal is just days away to boost regeneration in places like Liverpool, Salford, Sheffield and Leeds.
Sir Michael Bear said:
We have a really strong supply of regeneration projects in the UK - over £100 billion in capital value. But currently the offer is fragmented with delays and it’s difficult for investors to navigate.
The Regeneration Investment Organisation provides a great opportunity to announce a radical new approach to helping boost investment into the UK and provides a fantastic way of helping investors to find a credible pipeline and range of UK development opportunities and therefore get money into good projects and enable growths across the regions.
Recent international investment secured by UKTI include the Battersea Power Station project, Chinese investments in London’s Nine Elms and Royal Albert Dock, and Chinese investment into Manchester through Manchester City Airport. The RIO will build on this success by creating an easier point of entry for investors and creating stronger links and better support for new projects throughout the UK.gov.uk