WASHINGTON, April 16 (Reuters) – The finance ministers
of Britain and Australia have agreed to work together more
closely to funnel investment from Australia’s giant pension
funds into new infrastructure, housing and energy projects in
the UK.
Britain’s Treasury said in a statement on Thursday that finance
minister Rachel Reeves and Australia’s Treasurer Jim Chalmers
signed a memorandum of understanding on the sidelines of the
International Monetary Fund and World Bank spring meetings in
Washington.
“At a time of global uncertainty, this deal strengthens the
UK’s economic security by cementing cooperation with a
like-minded nation and setting clear direction for future
investment,” Reeves said in the Treasury’s statement.
Australia’s pension funds are a global investment force,
while British Prime Minister Keir Starmer’s government is
seeking foreign partners to speed up the country’s economy.
The MoU creates a formal framework for engagement between
Australian investors and UK authorities and supports pipelines
for investment opportunities, the Treasury said.
“We have significant infrastructure and property investments
in the UK, working alongside our world-class partners,” said
Debby Blakey, the CEO of HESTA, an Australian pension fund.
“Initiatives like this can support further investment in areas
such as the digital and energy transitions.”
(Writing by William Schomberg; Editing by Paul Simao)
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