Global businesses have confidence in our economy, so should we

I imagine many people were doubtful that big overseas businesses would see opportunities in the British economy after the EU Referendum vote.

investmentMaybe the actions of these huge worldwide businesses might remove some of that doubt.

  • City A.M. reports that “Lockheed Martin, one of the world’s largest defence contractors has said that the UK could become a more attractive place to invest, after Brits voted to leave the European Union”. Marillyn Hewson, the chief executive of Lockheed Martin, said “We find it already an attractive place to invest. One of the things we are working on is exporting from the UK to other countries.”
  • City A.M. reports that “Jim Ratcliffe, the billionaire industrialist behind the Ineos chemicals’ empire, has moved back to Britain six years after relocating to Switzerland”. They also report that Ineos will create a new holding company, based in Knightsbridge, to house roughly half of the group’s global business including its oil and gas arm. Ratcliffe has also said that he’s commissioned a full feasibility study into resurrecting the Land Rover Defender and held exploratory talks with Jaguar Land Rover about the proposal.
  • The Financial Times report that Australia’s premier, Malcolm Turnbull, is keen to strike a trade deal with the UK as soon as possible.
  • The Financial Times also reports that UK’s deal with Boeing to purchase nine new Poseidon P-8A surveillance aircraft, and 50 new Apache attack helicopters for the British army, will result in 2,000 new UK jobs.
  • Again in the Financial Times, which reports that Japan’s Softbank is paying £24.3 billion for UK chip designer ARM. With Masayoshi Son, chairman and chief executive of the Japanese group, telling reporters in London the deal highlighted his confidence in the British economy, just weeks after the country voted to leave the EU. “I am one of the first people to bet with a big size on the UK after Brexit. Talking [about investing] is easy. I am proving it … This is my big bet,” he said.
  • The Daily Mail reports that discount chain Poundland is to be acquired for £597m deal by South African retailer Steinhoff International following a hefty slump in shares at the discount retailer.

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