According to reports, the Treasury has allegedly offered Tata up to £500m in subsidies to secure the plant. Jaguar Land Rover, however, has denied receiving any funding to influence the decision. In addition, Tata is also seeking up to £300m for its steelworks in Port Talbot.
Such a substantial investment by officials in a single site raises questions. Darren Jones, Chairman of the Business and Trade Committee, believes that MPs should consider whether the subsidy required to secure battery investment is scalable for future battery manufacturing sites.
This victory for the UK comes despite Spain having €2bn of EU funds reserved to boost its domestic electric vehicle sector. However, Spain has a limit of €350m for financing new battery plants.
The UK’s success follows the collapse of Britishvolt, a company that had planned to build an electric car battery factory near Blyth. Fortunately, its assets were acquired by an Australian investment company before it went into administration.
Attracting battery suppliers to the UK is crucial for the country’s competitiveness in the European market. With a looming ban on the sale of new petrol and diesel cars from 2035, establishing a domestic supply chain is of utmost importance.
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