The Prime Minister, David Cameron, said that the £8bn development of commercial property Battersea Power Station will create 20,000 jobs during its construction.
The commercial property is to be redeveloped after the four-tower listed London landmark was sold to a consortium led by Malaysia’s SP Setia for £400m earlier this month.
The listed commercial property building has been semi-derelict for almost 30 years since it stopped producing electricity and a series of proposals to reform the commercial property building have fallen by the wayside. Among them was a request to develop a huge indoor theme park based around Britain’s industrial heritage and a proposal for a giant commercial property shopping mall.
Work on the redevelopment plan, which will also encompass an extension of the Northern Line underground and the creation of two tube stations, is set to begin next summer.
The prime minister said the development will generate 20,000 jobs during construction, with 13,000 permanent jobs at the end. He added that the development will “protect the towers of that iconic landmark”.
David Cameron’s comments came as he launched the British Business Embassy; the largest ever drive to attract investment into Britain, in London.
The Prime Minister will be joined by Bank of England Governor Sir Mervyn King, IMF chief Christine Lagarde and ECB President Mario Draghi for the Global Investment Conference, the first major event hosted by the British Business Embassy.
The summit will involve speeches and an all-day conference and is designed to promote the UK while London hosts the 2012 Olympics.
Deputy Prime Minister, Nick Clegg, said the Olympics presents the UK with a “once in a lifetime opportunity to boost the UK’s growth potential”, just as GDP figures show the country is enduring its worst double-dip recession in 50 years.
Chancellor George Osborne, who is under-fire after the sub-standard GDP figures, said: “Britain has always been a country that is open to the world. In hosting the Olympic Games, we are showcasing that openness.
“As we welcome the world’s best athletes, we also welcome the world’s best companies-so that they can succeed, invest and create jobs in Britain.”
On Thursday, speakers will include Mr Draghi, Sir Mervyn and Ms Lagarde.
Mr Cameron reaffirmed his promise on doubling the UK’s exports to £1 trillion by 2020.
He said: “Britain is already now exporting more goods to the rest of the world than to the EU. If we could increase the number of small and medium sized firms in the UK that sell overseas from around a fifth to just over a quarter we could add £30 billion to the UK economy, create 100,000 jobs and pretty much wipe out our trade deficit.”
The summit will also hear from business leaders such as Sir Martin Sorrell, the boss of WPP, Eric Schmidt, the executive chairman of Google, Sir Andrew Witty, the chief executive of GlaxoSmithLiKline, Sir Jonathan Ive, the designer of Apple’s most iconic products, and Warren East, the boss of ARM.
The Government will also publish information that show jobs generated by inward investment have risen by a fifth to more than 112,000 and identify China as the third largest source of investment in the UK.
Following the summit, the Prince of Wales will host a star-studded reception at Clarence House.
The embassy is located in the historic Lancaster House next to Green Park and St James’s Palace in London.
The commercial property building has been transformed into a showcase for British commercial property businesses and will host some of the most influential figures in finance during the Olympics.
According to the man behind the scheme, the creation of a British Business Embassy during the Olympic Games could enhance the economy by more than £1bn.
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