How Apple finance is coming to the UK
By David Shukman, BBC NewsBusiness InsiderBusiness Insider – 28 September 2018The UK government has announced a $6.6bn funding package to help Apple get its products onto the public transport network.
Apple has been under pressure from politicians and consumers over its alleged links to child abuse and has said that the fund is needed to help the company comply with UK law.
But the deal will also give the government more say over how Apple can get its iPhones onto the rail network.
What does it mean for the UK?
The deal, announced by Transport Secretary Patrick McLoughlin, will provide £4.2bn of funding over three years to support Apple and other technology companies to get their products onto rail networks, with the government saying that it will use the money to provide train services for all customers.
The funding, which is not subject to any external approval, comes after the government announced a similar $5bn investment package for the technology giant in 2017.
This is the second time Apple has been given a £4bn funding boost, following a £2.4bn pledge from the Government to help it get onto the railways.
In 2018, the government promised a further £6bn of capital to support the development of technology to improve the speed and reliability of trains and buses.
The government has also committed to increasing the share of technology in the railway network by up to 30%.
This comes after a new survey by the Department for Transport showed that 70% of respondents felt that the government was not doing enough to support innovation and innovation-driven technology companies.
“Today’s announcement will help the Government meet its target to invest £6.7bn in the railways over the next four years and is a big step forward for the rail industry and for all those who rely on our railways,” Transport Secretary McLoughlyn said in a statement.
“As the Government’s investment in railways continues to grow, I’m confident we will continue to do so in the years ahead.”
The new funding will be used to fund research and development and support companies building technology solutions to help improve the safety of UK trains.
The deal will see Apple get £3.8bn in capital funding over four years, with another £3bn coming from the public purse.
This means that, as part of the deal, the UK government will be able to direct the £5bn in funding allocated to Apple.
It is hoped that the new funding, coupled with an increase in funding for research and technology, will help Apple improve its safety and reliability.
“Apple is a leading innovator in the field of smart technology,” said Transport Secretary Theresa May in a news release.
“The Government has a strong track record of supporting and supporting innovative companies, from Uber to Tesla to Airbnb.
We are looking forward to working closely with Apple to deliver an even better future for passengers and staff.”
In a statement, the British Retail Consortium said that it would support the deal as long as it provided a viable return on investment for retailers.
“We know from experience that the best investments in the UK’s retail industry are made by the retailers themselves,” said BRC president Tom Davies.
“We are proud to support an industry that is at the forefront of this disruptive technology and to work closely with the Government as they develop the next phase of their rail investment plan.”
In 2018 and 2019, Apple had announced a series of deals with the UK rail industry to help ease the burden of the new government’s plans to cut public transport fares.
In 2019, it announced a deal with the British Rail Corporation (BRTC) to get on board with the £1.8 billion project to upgrade and expand the railway between London and Birmingham.
In 2020, it also invested in the London to Birmingham RailLink, which aims to connect the two cities.
In 2020, Apple said it was investing in the TubeLink project, which will connect the capital with Leeds, Bradford and the North West of England.
The British Rail Authority said that while it was a “significant step forward” in the country’s railways, it would be “in the interest of both the government and the industry to see more investment”.