Project fear humiliated as Australia dubs UK 'world leader' after striking £28.5bn deal

Prime Minister Boris Johnson last night announced that Australia's "leading businesses" have chosen to invest over £28billion in "clean, green technology and infrastructure". It came ahead of a UK-Australia investment roundtable at Downing Street on Wednesday evening and follows the historic trade agreement signed with Canberra in December. It will help deliver Mr Johnson's plan to invigorate a "Green Industrial Revolution" and will create thousands of jobs across the UK.

Shemara Wikramanayake, the managing director of one of the firms, said: "The UK was our first destination when we expanded internationally in 1989, and has remained a strong focus for our investment activity ever since.

"The UK has been a world leader in the positive utilisation of private capital to meet essential infrastructure needs of communities, including as a global leader in investment in the energy transition.

"We look forward to building on our track record of investment of capital and expertise to deliver the next generation of UK infrastructure."

Her firm, Macquarie Group, has committed to support £12billionn of investment by 2030 in infrastructure projects across the UK.

Shemara Wikramanayake, the managing director of one of the firms, said: "The UK was our first destination when we expanded internationally in 1989, and has remained a strong focus for our investment activity ever since.

"The UK has been a world leader in the positive utilisation of private capital to meet essential infrastructure needs of communities, including as a global leader in investment in the energy transition.

"We look forward to building on our track record of investment of capital and expertise to deliver the next generation of UK infrastructure."

Her firm, Macquarie Group, has committed to support £12billionn of investment by 2030 in infrastructure projects across the UK.

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These include offshore wind in Lincolnshire and north Scotland, gigabit broadband in rural England and hydrogen hubs in Southampton and Orkney.

Meanwhile, pension fund AustralianSuper forecasts a further £8billion in investments across the UK over the next five years.

Real estate and investment group Lendlease and its partners plan to deliver £5.5billion of investment across its major regeneration projects in London and Birmingham over the next five years.

This investment is expected to deliver thousands of new low carbon homes, training and employment opportunities for local communities.

IFM Investors intend to deliver £3billion in investment into the UK over five years.

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That will help to maintain existing assets, including the M6 toll and Manchester, Stansted and East Midlands airports, and its new net zero funds will support large-scale infrastructure energy transition projects – including in electrification, carbon capture and solar power.

It comes after project fear claimed that Brexit would reduce investments in the UK and decrease productivity.

In 2019, the London School of Economics stated: "We find that the Brexit process has had a negative impact on the investment decisions of companies in the UK in the three years since the referendum."

But those claims appear unfounded as the UK begins to welcome a number of huge investments in energy.

Just last week Shell announced it would also invest £25billion in a huge boost for the UK's sovereign security.

Shell UK chair David Bunch said: “I can announce that Shell UK is planning to invest between £20 and £25 billion into the UK energy system over the next decade.”

And the energy giant has pledged that more than 75 percent of this investment will be geared towards low and zero-carbon products and services.

This includes technologies such as offshore wind and renewable hydrogen.

Mr Bunch added: “These investments, subject to board approval, aim to propel the UK closer to net zero and help to ensure the security of supply whilst stimulating economic growth and jobs."