Keir Starmer is poised to unveil a series of contracts totaling £400 million for transportation projects, including trains, airplanes, and submarines, aimed at bolstering British workers at the G20 summit.
During Thursday evening, the Prime Minister embarked on a trip to the G20 summit in South Africa, where he intends to advocate for British businesses in anticipation of next week’s crucial Budget announcement.
The upcoming financial statement by Rachel Reeves is anticipated to feature significant measures addressing the current cost of living crisis and aiming to increase disposable income for working individuals.
Mr. Starmer emphasized the importance of collaborating with nations worldwide as a catalyst for economic growth. As part of his busy schedule in South Africa, he is scheduled to visit a train depot in Johannesburg to inspect trains manufactured in Derby.
A new partnership between the UK and South Africa will be announced to provide British expertise in enhancing South Africa’s rail system. Crossrail International, a UK Government-owned entity, will offer strategic guidance to attract private investments into South African railways.
Furthermore, the UK and Vietnam will collaborate to spearhead digital advancements in Vietnam’s railway sector.
British Steel is set to benefit from a £35 million deal to supply products for Turkey’s high-speed rail network. Additionally, Rolls Royce will supply new jet engines to Air Algerie.
Moreover, the UK secured an initial contract to support the South African Navy in evaluating the operational readiness of their Type 209 submarines and conducting maintenance on at least one submarine. This contract marks Babcock, a British defense firm, entering its first defense agreement in South Africa.
A new UK-South Africa agreement is expected to streamline processes and is projected to bring in between £400 million and £700 million for UK businesses over the next five years.
Mr. Starmer stated, “Collaborating with international partners to create employment opportunities domestically is a surefire way to foster economic growth.”
Downing Street reiterated the Prime Minister’s commitment to prioritizing domestic deliverables through robust international partnerships.