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The collapse of UK car battery start-up British Vault is due to Brexit, said former Conservative Party leader Lord Hague.
Fellow Tories blamed Britain’s decision to leave the EU for failing to secure enough private investment to develop a gigafactory in the northeast to supply the UK’s electric vehicle market with batteries.
Lord Haig said bankruptcy was “part of the damage” of Brexit, adding he was “very concerned”.
“Of course, it’s probably a sad reflection on Brexit because we need to know what it takes for some of these technologies, we need scale, we have a big market,” he told Newsagent’s podcast. rice field.
“To be successful with batteries, the big manufacturers need to enter the same market that they use them in. So that is part of the damage done by Brexit.”
Lord Hague, who led the Tories as opposition leader from 1997 to 2001, said Britain’s return to the single market would not be “for many years, if ever”, but that net zero He added that investments in technology should be let go. Along with an agenda for leveling up.
British Bolt was developing a £3.8 billion Giga plant in Bryce, with tens of millions of pounds backed by metals giant Glencore.
However, after announcing in November that he was on the verge of entering office, he entered into emergency funding negotiations and was able to secure funds in the short term.
The lack of momentum puts additional pressure on Rishi Sunak to show how the UK economy will grow in the years to come.
That said, supporters of backbench Liz Truss have launched a new caucus called the Conservative Growth Group to try to ignite the prime minister’s footing by prioritizing economic growth.
Responding to the collapse of the Commons, shadow business secretary Jonathan Reynolds branded the fall of the British Bolt regime “not a dubious word, but a disaster for the British auto industry”.
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Economy Minister Graham Stuart argued that the government’s “ambition to expand the EV industry at home is greater than ever.”
In his comments, CBI director Tony Dunker addressed an audience at the World Economic Forum in Davos, saying that the world’s economy has no coherent economic plan and is lagging behind the United States and Europe. It came out when investors said they were keeping the UK away.
“Money is flowing out of the UK. Investors are frozen and the heart of the matter is the lack of strategy,” warned Mr Dunker.
This story has been updated