Once again there’s been a lot of positive British news this week (18th – 24th October 2021).
Britain has agreed another historic “world-leading” free trade deal, this time with New Zealand. British companies are leading the world in hydrogen technology advancement. The UK has led the charge on a new global tax system that will ensure multinationals pay their fair share. Investment is flooding onto British shores and there’s news coming of a new fleet of boarder force patrol boats to work round-the-clock 24 hours a day, 365 days a year to protect our nation…
Here are our best read news stories from the last seven days. Good things are happening.
The £250 million expansion programme will see the British manufacturer open its second factory in the city by the end of 2023. The new facility will be built next to the firm’s existing factory on Bessemer Park in Tinsley which is already the largest of its kind in the world. However, Gigafactory 2.0 will dwarf it’s existing sibling, with 50 per cent more production capacity. ITM Power make carbon-free fuel that can be used to power cars, homes and industry by making electrolysers that split water to create hydrogen. The company currently employs 360 people and is valued at £2.38bn… click here
Another British tennis player has hit the big time with Cameron Norrie securing the first Masters 1000 title of his career at Indian Wells, USA. Coming from a set down to defeat Georgia’s Nikoloz Basilashvili, Cameron has gone from 74th in the world to world No 15 with his second title in his sixth final of 2021. The 26-year-old was crowned champion after 3-6 6-4 6-1 in an hour and 49 minutes, recovering after being down a break at 3-1 in the second set to secure his second career title in his finest year on the circuit… click here
Ford is to invest £230 million to transform its Halewood operations in the UK to build its first electric vehicle components in Europe. Around 500 jobs will be saved on Merseyside after Ford revealed Halewood was part of its plans to sell only electric cars in the UK and Europe by 2030. The US car giant announced all of its cars and vans would have an electric or plug-in hybrid option by mid-2024, before its cars go pure electric by the end of the decade. Building on its commitment to go all-in on electrification in Europe, Ford has announced that it will invest up to £230 million at its Halewood vehicle transmission facility… click here
At least 30,000 new jobs will be created around the UK thanks to £9.7 billion of new foreign investment due to be announced by the Prime Minister at the Global Investment Summit this week. The package of 18 deals will support growth in vital sectors such as wind and hydrogen energy, sustainable homes and carbon capture and storage, cementing the UK’s climate leadership for COP26 and beyond. It comes as the Department for International Trade launches a new Investment Atlas, an online platform designed to help international investors identify and execute high priority investment opportunities… click here
6. Super-efficient JCB hydrogen engine ‘developed in Great Britain by British engineers’ gets £100 million injection
JCB is investing £100 million on a project to produce super-efficient hydrogen engines, the company announced this week. A team of 100 engineers is already working on the exciting development with the recruitment of up to 50 more engineers under way as JCB targets the end of 2022 for the first machines to be available for sale to customers. The wraps have already come off a prototype hydrogen powered JCB backhoe loader… click here
The UK’s pension system has been ranked among the top ten in the world, leapfrogging Germany, Switzerland and Ireland in the past year. Britain came in the top ten best places in the world to retire to; coming 9th in 2021 and moving ahead of other European nations after ranking 15th last year. This is according to the Mercer CFA Institute’s annual Global Pension Index. The report measured state and private retirement income of the world’s 43 most developed nations and ranked how secure and sustainable they were and whether they provided enough for people to live on… click here
The UK has this week agreed a route forward to transition away from its Digital Services Tax (DST) towards a new global tax system that will ensure multinationals pay their fair share in the countries where they do business. The deal struck by the UK, US and other European countries outlines a DST-credit system which will bridge the gap between the UK’s DST and the start of the new system – which is due to be implemented in 2023. Chancellor Rishi Sunak said: “Following the landmark deal achieved earlier this month, I am delighted we have agreed a way forward on how we transition from our Digital Services Tax to the newly agreed global tax system. This agreement means that our Digital Services Tax is protected as we move to 2023, so its revenue can continue to fund vital public services”… click here
A public/private joint venture between Coventry City Council and Coventry Airport Ltd this week unveiled further plans to develop the UK’s largest battery Gigafactory as it explores investment opportunities with battery manufacturers from around the globe. Located in the epicentre of the UK’s automotive industry, the Gigafactory will begin supplying high-tech batteries for electric vehicles from 2025. It will be the result of a £2.5bn investment, creating up to 6,000 new highly skilled jobs directly and thousands more in the wider supply chain… click here
A new fleet of state-of-the art patrol boats, known as ‘cutters’, will be announced by the Chancellor next week as part of a £703 million package to protect the UK border. At Wednesday’s Budget and Spending Review, Rishi Sunak will announce £74 million to upgrade the existing fleet of ageing, 20-year-old Border Force patrol vessels that man British shores. They will be replaced with a new fleet of 11 cutting-edge more fuel-efficient vessels with newer engines that emit less carbon, improving Border Force’s ability to tackle serious and organised crime, the smuggling of illicit goods and illegal migration… click here
Britain has agreed a historic “world-leading” free trade deal worth over £2.3 billion with New Zealand. A comprehensive trade agreement with New Zealand will cut red tape for businesses, end tariffs on UK exports and create new opportunities for tech and services companies, while making it easier for UK professionals to live and work in New Zealand. The ground-breaking deal was agreed in a video call between Prime Minister Boris Johnson and New Zealand Prime Minister Jacinda Ardern after 16 months of talks by Department for International Trade negotiators. UK-New Zealand trade was worth £2.3 billion last year and is set to grow under the deal… click here
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