Data center investors and operators are among the first attendees confirmed for a UK government investment summit as new chancellor Rachel Reeves looks to attract more digital infrastructure providers to Britain.
Reeves flew out to New York this week to meet with companies including data center provider CyrusOne and investment fund Blackstone, which has a data center pipeline worth $70 billion on top of its existing portfolio which is valued at $55bn. Among other data center businesses, Blackstone owns QTS.
Both companies have confirmed they will attend the summit, which is taking place on October 14.
Reeves, who became chancellor after Labour was elected in July’s UK general election, said her government’s message is that “Britain is open for business.” She said: “As more investors sign up for our International Investment Summit, it shows they believe it too.
“They recognize we have taken some difficult decisions to fix the foundations of our economy and set us on a path to sustained economic growth as government’s number one mission – it is only by doing so that we can capitalize on Britain’s immense investment potential.”
The new government is keen to see more data centers built to help grow the UK’s digital economy and, shortly after taking power Reeves revealed that two previously rejected planning applications for data centers, on greenbelt land in Hertfordshire and Buckinghamshire, would be reopened. Government estimates suggest the UK data center sector employs 17,000 people and generates £4.6 billion ($5.86 billion) in revenue each year.
Reeves said: “By rebuilding Britain we can make every part of the country better off. Aiming to have data centers across the country is part of that. We are already reviewing two planning applications in the southeast, but I’m determined to see new digital investments up and down the UK.”
During her three-day trip to North America, Reeves also met with AI data center operator CoreWeave to set out the government’s vision for data centers. CoreWeave said in May that it planned to invest £1 billion ($1.27bn) in digital infrastructure in the UK.
