European giants Ericsson and Danish Crown set to invest millions in the UK:

0

Two European giants set to invest millions in the UK: Swedish telecoms giant Ericsson and pork producer Danish Crown bet on post-Brexit Britain

Britain received a double boost yesterday as two major European companies presented new investment plans in the country.

Swedish telecoms giant Ericsson and pork producer Danish Crown have said they will pump millions into the UK over the coming years.

The vote of confidence was hugely welcomed as a grim report from the Organization for Economic Co-operation and Development warned Britain would be the worst performing economy in the G7 next year.

Investment: Ericsson said it will spend tens of millions of pounds over the next ten years setting up a research unit to focus on 6G connectivity

The Paris-based group predicts a 0.4% decline for the UK in 2023.

But Ericsson said it will spend tens of millions of pounds in the UK over the next ten years setting up a research unit to focus on 6G connectivity.

The company said the program would see researchers employed alongside PhD students and other academics to examine next-generation 6G technology and its possible uses.

An exact figure for the investment has not been confirmed by Ericsson, but the company said 6G should be available in the 2030s.

The government welcomed Ericsson’s announcement.

Culture Secretary Michelle Donelan said it was a “huge vote of confidence in the UK’s innovative telecommunications sector”.

Katherine Ainley, Managing Director of Ericsson UK, said: “This new investment underscores our continued commitment to ensuring Britain remains a world leader in the technologies and industries of the future.”

Danish Crown has announced it will build a £100million factory in Rochdale to process Danish pork into bacon and sausages for consumers, creating 300 jobs.

Company boss Jais Valeur said: “Bacon is a staple for most UK consumers.

“It’s just something you have to have.”

Backlash from the R&D tax raid

The Chancellor is facing a backlash following a tax raid on innovative small businesses.

The Office for National Statistics showed that companies with fewer than 250 employees have increased their research and development spending by £4.3bn to £24.3bn since 2018 and that spending by large companies has increased increased by £1.6 billion to £22.6 billion.

But last week Jeremy Hunt said he was cutting R&D tax breaks for small businesses.

The Federation of Small Businesses accused him of turning “triumph into disaster, the self-inflicted R&D credit crunch set to cut a swath in start-ups, spin-outs and cutting-edge engineering companies “.

Share.

Comments are closed.