(Bloomberg) -- Amazon.com Inc. said it would spend £8 billion ($10.5 billion) in the UK to grow its cloud business, adding to a string of recent expansion moves in Europe and giving Britain's new Labour government a welcome investment boost.

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The five-year investment by Amazon Web Services in data centers will support up to 14,000 jobs and contribute £14 billion to UK GDP between 2024 and 2028, Britain's Treasury said in an e-mailed statement.

Amazon has committed tens of billions of dollars for expanding AWS globally, announcing similar long-term projects in Germany, Mexico, the US, Saudi Arabia and Singapore this year. AWS, the world's largest provider of cloud computing services and data storage via massive server farms, is facing increasing competition from rivals like Microsoft Corp., which is mounting its own global expansion.

The investment announcement is a plus for Chancellor of the Exchequer Rachel Reeves, who is seeking to lift Britain's economic growth rate while also tackling a difficult public finances inheritance left by the previous Conservative government. The UK is due to host an international investment summit on Oct. 14.

"This £8 billion investment marks the start of the economic revival and shows Britain is a place to do business," Reeves said in the Treasury statement. "I am determined to go further so we can deliver on our mandate to create jobs, unlock investment and make every part of Britain better off."