Keir Starmer is preparing to unveil contracts totaling £400 million for transportation projects, including trains, aircraft, and submarines, as a boost to British workers during the G20 summit.
The Prime Minister traveled to South Africa on Thursday evening for the international summit, where he will promote British businesses ahead of the upcoming Budget announcement next week.
Rachel Reeves is anticipated to introduce significant measures in her financial statement next week to alleviate the cost of living crisis and enhance the financial situation of working individuals.
Mr. Starmer emphasized the importance of collaborating with global partners for economic growth. During his visit to South Africa, he will tour a train depot in Johannesburg to view trains manufactured in Derby.
An agreement will be announced between the UK and South Africa to provide British expertise in reforming the South African railway system. Crossrail International, a UK government-owned entity, will offer guidance to attract private investments into South African railways.
Additionally, the UK and Vietnam are teaming up to drive digital advancements in Vietnam’s railway network. British Steel will benefit from supplying £35 million worth of products to Turkey’s high-speed rail network. Furthermore, Rolls Royce is set to provide new jet engines to Air Algerie.
The UK secured an initial contract to support the South African Navy in assessing and maintaining their Type 209 submarines, marking Babcock, a British defense firm, first defense contract in South Africa.
A new bilateral agreement between the UK and South Africa aims to reduce red tape, potentially adding between £400 million and £700 million to UK businesses over the next five years.
In his statement, Mr. Starmer emphasized the significance of international partnerships in creating jobs and opportunities domestically for sustained growth. He expressed his commitment to expanding opportunities for British businesses globally to drive economic growth, generate skilled employment, reduce living costs, and provide prospects for people across the United Kingdom.
Downing Street reiterated the Prime Minister’s focus on delivering results for the domestic populace through robust partnerships and initiatives abroad.
