Prime Minister Keir Starmer announced today that Italian businesses will invest nearly half a billion pounds in the UK, creating more jobs for British workers. The announcement came during a joint press conference with Italian Prime Minister Giorgia Meloni in Rome.

The £485 million investment, focusing on defence, clean growth, and innovation, will come from two major Italian companies: Leonardo and Marcegaglia. The investment will boost employment and strengthen the UK’s economic prospects. Leonardo, a global leader in defence, aerospace, and security, will invest £435 million in 2024, specifically targeting their Yeovil site and other technological development programmes throughout the UK. Marcegaglia, a steel manufacturer, will invest £50 million in Sheffield to construct a new clean steel electric arc furnace, creating 50 new jobs.

Starmer praised the importance of resetting international relationships to attract foreign investment and drive economic growth. He stated, “Britain is a place to do business,” underlining his commitment to removing barriers hindering UK progress.

During the visit, both leaders emphasised the importance of enhancing cooperation on security, defence, and migration issues, with Italy committing £4 million to the Rome Process. The leaders also confirmed that Italian Army and Navy forces will participate in UK Carrier Strike Group operations in the Indo-Pacific next year.

Stefano Pontecorvo, Chairman of Leonardo, expressed optimism about the new investment and UK-EU relations. He noted that the new UK government demonstrates a “pronounced change in approach to the UK’s relationship with the European Union.”

This announcement marks a significant step towards Prime Minister Starmer’s efforts to attract foreign investment and strengthen the UK economy.