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

Economy
By Liam

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Two EU giants are going to invest millions in the UK: Swedish telecom giant Ericsson and pork producer Danish Crown bet on post-Brexit Britain

By Hugo Duncan for the Daily Mail

published: 22:01 GMT, 22 Nov 2022 | Updated: 22:01 GMT, 22 Nov 2022

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Britain received a double boost yesterday as two major European companies outlined new plans to invest in the country.

Swedish telecoms giant Ericsson and pork producer Danish Crown said they would pump millions into the UK over the next few years.

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

Invest: Ericsson said it would spend tens of millions of pounds over the next decade creating a research unit to focus on 6G connectivity

Invest: Ericsson said it would spend tens of millions of pounds over the next decade creating a research unit to focus on 6G connectivity

The Paris-based group predicted a 0.4 percent drop for the UK in 2023.

But Ericsson said it would spend tens of millions of pounds in the UK over the next decade creating a research unit that would focus on 6G connectivity.

The company said the program would have researchers working alongside doctoral students and other academics to explore next-generation 6G technology and its possible uses.

An exact amount for the investment has not been confirmed by Ericsson, but the company said 6G is expected to become 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 telecoms sector’.

Katherine Ainley, CEO of Ericsson UK, said: ‘This new investment underlines our ongoing commitment to ensuring Britain remains a global leader in the technologies and industries of the future.’

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

The company’s boss, Jais Valeur, said: ‘Bacon is a staple for most UK consumers.

“You just have to have this.”

Kickback tax raid R&D

The Chancellor is facing backlash over a tax attack on innovative small businesses.

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

But last week, Jeremy Hunt said he was scaling back R&D tax breaks for smaller companies.

The Small Business Federation accused him of “turning triumph into disaster when the self-inflicted R&D credit crunch would have a major impact on start-ups, spin-outs and high tech companies.”

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