16th Sep 2025 09:13
(Alliance News) - US financial firms have announced investments in the UK worth GBP1.25 billion before Donald Trump's state visit next week.
Citigroup Inc has confirmed it will invest GBP1.1 billion across its UK operations, while S&P Global Inc will put GBP4 million into their Manchester offices.
PayPal Holdings Inc has confirmed a GBP150 million investment in product innovations and growth and Bank of America Corp will create up to 1,000 new jobs in Belfast in its first operation in Northern Ireland.
Alongside the new investment announcements, companies are committing to ramp up commercial activity between the US and UK in the coming years.
BlackRock Inc is allocating GBP7 billion to the UK market over five years, while Rothesay is planning to double its investment in the US with another GBP7 billion in the coming years.
The investment and capital commitments line up some GBP20 billion trade between the two countries – with some GBP8 billion to come to the UK and GBP12 billion to go to the US, the Department for Business and Trade said.
Business & Trade Secretary Peter Kyle said: "These investments reflect the strength of our enduring 'golden corridor' with one of our closest trading partners, ahead of the US presidential state visit."
Tech firms OpenAI and Nvidia Corp are reportedly planning to unveil billions of dollars of investment into UK data centres during the visit next week.
Sam Altman, the head of ChatGPT maker OpenAI, and chipmaker Nvidia's Chief Executive Jensen Huang are understood to be part of a delegation of US executives to join Trump.
The US president's two-day trip begins on Wednesday and includes an overnight stay at Windsor Castle.
It comes as the future of tariffs on British steel is still unclear.
When the UK and US signed a trade deal in June, it reduced tariffs on car and aerospace imports to the US.
But no agreement on a similar arrangement for Britain's steel imports was reached, leaving tariffs on steel at 25%.
A government spokesperson said: "Our special relationship with the US remains strong.
"Thanks to our trade deal, the UK is still the only country to have avoided 50% steel and aluminium tariffs, and we continue to partner on technologies such as AI, Quantum, and cyber security in our trillion-dollar tech sectors.
"We will work with the US to implement this landmark deal as soon as possible to give industry the security they need, protect vital jobs, and put more money in people's pockets through the plan for change, as well as welcoming the president on this historic state visit."
By Helen Corbett, PA Political Correspondent
Press Association: Finance
source: PA
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