Malaysian firm commits £4bn to UK as leaders Starmer and Anwar meet

Sir Keir Starmer met his Malaysian counterpart Anwar Ibrahim in Downing Street for trade talks as part of the Government’s scramble for investment and economic growth.

The meeting came as Malaysian firm YTL announced plans for £4 billion of investment in the UK over five years, including £2 billion for its arena and housing development north of Bristol.

The remaining £2 billion will be invested in YTL’s UK businesses over the next five years, the Government said.

Chancellor Rachel Reeves said the investment “will boost growth, create good jobs and shows the UK is open for business”.

“We will continue to go further and faster to kickstart growth to make all parts of the country better off,” she said.

The Brabazon Bristol project, on the site of the former Filton airfield in South Gloucestershire, is one of the biggest brownfield redevelopments in the UK.

It will eventually involve 6,500 properties, three new schools and a 19,500-capacity arena.

Business Secretary Jonathan Reynolds said: “By creating the right conditions and giving investors the confidence they need to make big investments in Britain, our plan for change is delivering economic growth and showing the power of investment to transform our cities, and give working people the security they deserve.”

Downing Street said Sir Keir and his Malaysian counterpart “agreed on their shared ambition for economic growth” during the bilateral meeting.

In a readout of the talks, a Number 10 spokesperson said: “The Prime Minister began by saying he was delighted to have the opportunity to host Prime Minister Anwar at No 10, and the leaders agreed that now was an opportune moment to strengthen the relationship between the UK and Malaysia.

“They discussed closer co-operation and to upgrade the relationship to a strategic partnership across trade and investment, education, clean energy and defence.

“Both agreed on their shared ambition for economic growth, and the Prime Minister reiterated that the UK is a great place to do business.

“He welcomed the £4 billion investment by YTL businesses announced today by Prime Minister Anwar which will deliver for people in Bristol, creating 30,000 jobs and building new homes on brownfield sites.

“They underscored their shared commitment to net zero ambitions and noted that clean energy will support future growth in both our countries.”