US President Donald Trump and UK Prime Minister Sir Keir Starmer signed an agreement dubbed the “Tech Prosperity Deal”
US firms led by Microsoft and ncluding BlackRock, Nvidia, OpenAI, Oracle, Amazon, and CoreWeave, will invest $42 billion in the UK to develop AI for healthcare, quantum computing, and nuclear projects.
The UK government says it has secured £150bn worth of US investment which it hopes will create 7,600 jobs.
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BBC reports: It is part of a wider plan by the UK to deepen economic ties with the US. However, some industries, such as steel, have been dealt a blow with a proposed deal to cut tariffs shelved.
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Several big drugs companies, such as AstraZeneca, have also halted investment plans, claiming the UK is an “increasingly challenging” country to do business in.
The vast majority of the £150bn investment – £90bn – will come from Blackstone over the next decade, although how most of this money will be spent has yet to be decided. The US private equity firm announced in June it would spend £370bn across Europe over 10 years.
The technology deal will see the UK and US co-operate in areas including artificial intelligence (AI), quantum computing and nuclear power.
Microsoft has pledged to spend £22bn in the UK over the next four years, while Google is to invest £5bn over the next two years to expand an existing data centre in Hertfordshire.
Starmer said the investments were “a testament to Britain’s economic strength and a bold signal that our country is open, ambitious, and ready to lead”.
The PM is keen to make the UK a destination for US investment in an attempt to boost Britain’s economy.
While it is hoped the investments will generate thousands of jobs in the years ahead, it comes at a time when domestic businesses appear to be slowing investment due to higher running costs.
The government says 7,600 jobs will be created by the investments, but over the year to August the number of people on UK payrolls has fallen by an estimated 127,000, according to the Office for National Statistics. Vacancies were down by 119,000 (14%) in June to August 2025 from the level of a year ago.
