LONDON — Amazon will invest £40 billion ($54 billion) in the U.K. over the next three years, the e-commerce titan announced Tuesday.
The company said it plans to spend the money on building four new fulfillment centers — large warehouses where it prepares orders for delivery — as well as upgrades and expansions to its existing operations buildings across the country.
The announcement was cheered by the British government, which has been courting investments from major tech players of late as it looks to boost domestic growth and productivity. U.K. monthly gross domestic product shrank 0.3% in April, as U.S. President Donald Trump's trade tariffs and domestic tax rises kicked in.
U.K. Prime Minister Keir Starmer said in a statement that the investment would create thousands of new jobs — and was a sign the government's growth plan was working.