Multinational investment banking giant Citi launched a £100million overhaul of its 42-floor Canary Wharf tower, despite foreign banks having been expected to leave London as a result of Brexit. James Bardrick, head of UK at Citi, said the investment showed the bank’s commitment to London for “25 years and beyond”. And in a second win for Brexit Britain, luxury car maker Bentley unveiled a £2.5billion investment in Crewe as part of a plan to build its first fully electric car.
The injection will safeguard 4,000 jobs in the area.
Business and investment minister Lord Grimstone said the cash injections will “drive jobs” and “level up the whole of the UK”.
John Foster, chief campaign director at the Confederation of British Industry, said they demonstrate that “the UK remains one of the best places in the world to do business.”
The double win comes after the International Monetary Fund (IMF) predicted that Britain will grow faster than any other country in the G7 in 2022, with a GDP prediction of 5 percent.
Economists at Goldman Sachs predict the UK will grow by 4.8 per cent in 2022, while HSBC has put the figure at 4.7 percent.
Predictions for other G7 countries meanwhile range from 2.2 percent for Japan to 4.3 percent for Italy.
The bank has predicted the US to grow by 3.5 percent.
Speaking about the latest investment victories, Lord Grimstone said: “Investment sits at the heart of our economic recovery.
“It drives jobs, innovation and helps to level up the whole of the UK.
READ MORE: Bentley to secure 4,000 jobs with £2.5bn investment in Crew plant
Since Brexit, the bank has added more than 1,000 jobs in London, where it currently has 9,000 staff.
Mr Bardrick told the Daily Mail: “We are absolutely sure that London, and the UK, will remain a key place to run global financial services businesses from.
“With the talent pool and with the legal system and the regulatory standard, we don’t struggle to commit to London and the UK.”
Bentley’s investment is part of its plan to secure a “long-term sustainable future”.
The company hopes to have its first fully-electric car roll of the production line within three years.
Within eight years, it is hoped that every new car will be electric.
The company is aiming to become carbon neutral by 2030.
The car company’s chief executive, Adrian Hallmark, said: “Securing production of our first battery-powered electric vehicle is a milestone moment as we plan for a long-term sustainable future in Crewe.”
Mr Foster said: “This injection of fresh capital into the economy is exactly what’s needed right now.
“Increasing business investment will help to supercharge our recovery.
“From new electric car factories to tech hubs, these investments show the UK remains one of the best places in the world to do business.”