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A multibillion-pound investment plan which promises to create more than 12,000 new jobs in the UK is expected to be announced by the prime minister on Monday. 

Rishi Sunak will be joined by some of the world’s biggest business leaders and investors at a summit at Hampton Court Palace, London.

The prime minister will say investment of £29.6bn is a step forward in the government’s ambition to level up parts of Britain and will secure projects in tech, life sciences, housing and renewable energy.

It comes as Chancellor Jeremy Hunt unveiled around £20bn of business and personal tax cuts in the government’s autumn statement last week, which he dubbed a “statement for growth”.

Mr Sunak said: “Today’s investments, worth more than £29bn, will create thousands of new jobs and are a huge vote of confidence in the future of the UK economy.

“Attracting global investment is at the heart of my plan for growing the economy. With new funding pouring into key industries like clean energy, life sciences and advanced technology, inward investment is creating high-quality new jobs and driving growth right across the country.”

But there are still stark warnings from the UK’s independent spending watchdog that the country is still poised to face the highest tax burden since the Second World War.

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And Britons are still on track to see a further fall in living standards, the Office for Budget Responsibility has warned.

Business and Trade Secretary Kemi Badenoch said: “Today is yet another huge vote of confidence in our dynamic, pro-business and highly innovative economy and proves that our plan for growth is working.”

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PM and chancellor at Nissan plant

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But Labour said the government’s investment policy had been a “total failure”.

Jonathan Reynolds, Labour’s Shadow Business and Trade Secretary, responding to the government’s announcement on the Global Investment Summit, said: “The past 13 years of Conservative government been a total failure on growth and business investment marked by a complete lack of stability, consistency and ambition which has turned potential investors away from Britain.

“Only Labour has the plans to create the step change needed, working in partnership with business and investors, through our Industrial Strategy, Green Prosperity Plan and commitment to get Britain building again.”

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Autumn statement explained in one minute

Economic activity returned to expansion in November as an improvement in the services sector helped lift the UK economy, but experts warned recession remained a real possibility.

The pause in interest rate hikes, which have been left on hold for two consecutive meetings, offered some relief to firms.

Mr Sunak earlier hailed Nissan’s decision to invest more than £1bn to build electric cars in Sunderland as a “massive vote of confidence” in Britain.

The Japanese carmaker confirmed it will make its latest electric Qashqai and Juke models at its factory in the North East alongside the next generation of the electric Leaf, which is already produced there.

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Jaguar Land Rover cyberattack pushes overall UK car production down more than a quarter

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 Jaguar Land Rover cyberattack pushes overall UK car production down more than a quarter

UK car production fell by more than a quarter (27.1%) last month as a cyberattack at Jaguar Land Rover halted manufacturing at the plant, industry figures show.

The total number of vehicles coming off assembly lines – including cars and vans – fell an even sharper 35.9%, according to September data from the Society of Motor Manufacturers and Traders (SMMT).

“Largely responsible” for the drop was the five-week pause in production at Jaguar Land Rover (JLR) due to a malicious cyber attack, as other car makers reported growth.

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JLR’s assembly lines in the West Midlands and Halewood on Merseyside were paused from late August to early October as a result.

During this time, not a single vehicle was made. Production has since restarted, but the attack is believed to have been the “most financially damaging” in UK history at an estimated cost of £1.9bn, according to the security body the Cyber Monitoring Centre.

It was the lowest number of cars made in any September in the UK since 1952, including during the COVID-19 lockdown.

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Are we in a cyber attack ‘epidemic’?

Despite the restart, the sector remains “under immense pressure”, the SMMT’s chief executive Mike Hawes said.

The phased restart of operations led to a small boost in manufacturing output this month, according to a closely watched survey.

Of the cars that were made, nearly half (47.8%) were battery electric, plug-in hybrid or hybrid.

The vast majority, 76% of the total vehicles output, were made for export.

The top destinations are the European Union, US, Turkey, Japan and South Korea.

JLR was just the latest business to be the subject of a cyberattack.

Harrods, the Co-Op, and Marks and Spencer, are among the companies that have struggled in the past year with such attacks.

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English Championship side Sheffield Wednesday file for administration

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English Championship side Sheffield Wednesday file for administration

Championship club Sheffield Wednesday have filed for administration, according to a court filing, which will result in the already struggling side being hit with a 12-point deduction.

The South Yorkshire club currently sit bottom of the Championship, the second tier of English football, with just six points from 11 games.

Known as The Owls, Wednesday are one of the oldest surviving clubs in world football, with more than 150 years of history.

Court records confirm the club have filed for administration. A notice was filed at a specialist court at 10.01am.

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Sky’s Rob Harris reports on the news that Sheffield Wednesday have filed for administration

What has happened?

The Owls, who host Oxford United on Saturday, have been in turmoil for a long time.

On 3 June, owner Dejphon Chansiri, a Thai canned fish magnate who took over the club in 2015, was charged with breaching EFL regulations regarding payment obligations.

Sheffield Wednesday fans protest the ownership at a game away to Leeds United in January. Pic: Reuters
Image:
Sheffield Wednesday fans protest the ownership at a game away to Leeds United in January. Pic: Reuters

Weeks later, Mr Chansiri said he was willing to sell the club in a statement on their official website.

Sheffield Wednesday's troubles have sparked furious protests from fans. Pic: PA
Image:
Sheffield Wednesday’s troubles have sparked furious protests from fans. Pic: PA

Their crisis deepened just days later when another embargo was imposed on the club relating to payments owed to HMRC, before players and staff were not paid on time on 30 June.

In the months that followed, forwards Josh Windass and Michael Smith left the club by mutual consent. Manager Danny Rohl, now at Rangers, also left by mutual consent.

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Frustrated Sheffield Wednesday supporters have targeted their embattled club’s owner in a highly-visible protest during their opening match of the season.

The Owls were forced to close the 9,255-capacity North Stand at Hillsborough after a Prohibition Notice was issued by Sheffield City Council.

‘Current uncertainty’

On 6 August, the EFL released a statement, saying: “We are clear that the current owner needs either to fund the club to meet its obligations or make good on his commitment to sell to a well-funded party, for fair market value – ending the current uncertainty and impasse.”

On 13 August, the Prohibition Notice was lifted, but a month later, news emerged of a winding-up petition over £1m owed to HMRC.

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Last season, Wednesday finished 12th. They had already been placed under registration embargoes in the last two seasons after being hit by a six-point deduction during the 2020/21 campaign, for breaching profit and sustainability rules.

With a 12-point deduction, the Owls would be 15 points away from safety in the Championship.

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Retail sales the highest in three years in a surprise to economists

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Retail sales the highest in three years in a surprise to economists

Retail sales are at the highest level in more than three years, in the latest measure of the UK economy to confound economists.

The amounts bought in shops rose 0.5% in September, far above the 0.2% contraction anticipated by economists polled by Reuters.

It was the fourth monthly rise in a row and brought volumes to their highest level since July 2022.

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Doing well were computer and telecommunications retailers as the iPhone 17 launched in the month, while online jewellers reported strong demand for gold despite the price hovering around record highs.

Gold has been in demand, and in recent days reached a record high, as some investors moved money out of the US dollar and government bonds amid the ongoing government shutdown.

It came despite a rainy month – which typically keeps shoppers at home – and a five-day tube strike in London.

The impact of the rain could be seen, however, in the boost to online spending, which rose to one of the highest levels since the end of the pandemic.

A fall was recorded in food shop sales from August to September, signalling a response to high food price inflation.

A good week for the economy?

Retail sales figures are significant as they measure household consumption, the largest expenditure in the UK economy.

Growing retail sales can mean economic growth, which the government has repeatedly said is its top priority.

Earlier this week, another key economic measure came in better than expected.

Inflation remained at 3.8% rather than rising to the widely expected 4% – double the target rate set by the interest rate-setters at the Bank of England.

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Consumers were feeling better about their finances, a closely watched measure of consumer confidence showed on Friday.

Buying sentiment is up from last month, according to market research company GFK, as intentions to buy big-ticket items like electrical goods and furniture rose.

Combined, it suggests people are not feeling too gloomy in the run-up to the November budget.

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