We don’t support this browser anymore. This means our website may not look and work as you would expect. Read more about browsers and how to update them here.
Newsroom
Newsroom articles are published by leading news agencies. Hargreaves Lansdown is not responsible for an article's content and its accuracy. We may not share the views of the author.
HL Podcast
HL Insight
Britain wins race for flagship battery plant in boost for Rishi Sunak
Article originally published by The Telegraph. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
Published by
19 Jul 2023
Rishi Sunak has sealed a deal to bring an electric car battery plant to Somerset after offering half a billion pounds in subsidies to Jaguar Land Rover.
The carmaker’s parent company, India’s Tata Motors, is finalising an announcement to build its flagship battery plant in Britain after the UK trumped Spain to secure the investment.
Three sources said the investment could be announced as soon as Wednesday, representing a significant win for the Government to boost green technologies.
The Jaguar Land Rover battery plant is expected to generate up to 9,000 jobs in the South West of England.
The UK is facing stiff competition from the European Union and the White House, both of which have revealed incentive packages worth tens of billions of pounds to attract electric car companies and their suppliers.
The Treasury is reported to have offered up to £500m in subsidies to Tata to secure the plant, although Jaguar Land Rover previously denied it had been offered funding to
Read more on hl.co.uk