Around a quarter of the investment announced by the government at its summit this week appears to have been secured or started before Labor came to power.
Ministers touted a £63bn investment at Monday's summit, where they welcomed hundreds of business bosses in a showcase of the UK's pro-growth policies.
Jonathan Reynolds, the business secretary, trumpeted the “record investment pool secured at today's summit”, while Rachel Reeves, the chancellor, said: “Following the investments secured as part of this summit, my optimism for Britain shines brighter than ever. “
But analysis by The Guardian suggests £16.5bn of that money had been secured before the July election.
One of the most valuable investments, publicized in a Department of Business and Trade (DBT) press release, was asset management company Blackstone's £10 billion to build a data center in Byth, Northumberland.
However, Northumberland County Council leader Glen Sanderson told The Guardian the deal had first been announced by the Conservative-led council in April. He said he was surprised the government had not accredited the council.
The department also announced a £2.5bn investment from CyrusOne, a US data center developer. Plans for one of the CyrusOne data centers have been submitted to local authorities in 2022. Another £1.9bn data center investment, by US company CloudHQ, appears to have been in development since 2018.
A DBT source highlighted that while some companies made some project details public while the Conservatives were in power, final investment announcements were accelerated under this government.
Another announcement was that Turkish conglomerate Eren Holdings had confirmed a £1bn investment in the redevelopment of Shotton Mill in Deeside, north Wales. However, local authorities had approved plans for the expansion. in 2022.
US nuclear engineering firm Holtec was said to have made a £325m investment in a new factory in South Yorkshire that would create hundreds of jobs. But the investment appears to have been planned before Labor came to government. The BBC reported in May that Holtec had selected four sites in England for the factory and would make a final decision in the fall.
BW Group had already announced a new battery storage development in Hampshire which was listed as one of the deals closed at the summit. in April of last year.
London's Imperial School's WestTech Corridor project, a center for science, technology and innovation, was also on the investment list but had first been announced in March, months before Labor took power.
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A government spokesperson said: “Every deal announced at our record-breaking international investment summit was strong new commitments made by businesses to invest in the UK as a result of actions taken by this government.
“The leaders of many of these companies have praised our approach as a driving factor behind their decision to contribute to the investment of £63 billion and almost 38,000 jobs, generating economic growth in every part of the UK.”
Industry Minister Sarah Jones told the Commons after the summit: “£63bn doesn't lie.”
Addressing former Conservative business minister Kevin Hollinrake, Jones said: “Let's not forget that our summit on Monday was organized in a matter of weeks… yet we got double the investment compared to your summit last year.”
The department also highlighted in its announcement a new £130 million development by consumer healthcare company Haleon. However, the company announced in May that it would close one of its factories in the UK, resulting in the loss of 435 jobs, and move production to Slovakia.
Monday's summit was held at the 15th century Guildhall, in the heart of the City of London, and was attended by hundreds of bosses from global companies including Goldman Sachs, BlackRock and HSBC.
Executives enjoyed an exclusive reception with King Charles, food prepared by three Michelin star chef Clare Smyth and a live performance by Elton John.