Car companies in China and the United States have already taken the first-mover advantage in the new energy vehicle industry, and all other latecomers are bound to make greater efforts to catch up.
British Finance Minister Jeremy Hunt said that he will invest 4.5 billion pounds in eight manufacturing sectors, including automobiles and green industries. , to support industries vital to the UK’s economic growth, of which the automotive industry accounts for a large part.
It is said that the funds will be available within five years from 2025, of which 2 billion pounds will be earmarked for the automotive industry and 975 million pounds for aviation. In the aerospace industry, 960 million pounds are used for clean energy, and 520 million pounds are used for life sciences.
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Jeremy Hunt said: “We will use £4.5 billion to leverage more capital from the private sector, which in turn will boost our economic growth and create more skilled, better-paid jobs in new industries. , these industries are here to stay.”
Jeremy Hunt also told reporters the pledge was “new money” rather than a reallocation of previously announced spending, and that the UK favored targeted support rather than blanket subsidies. “We are not going to get caught up in a global subsidy race,” he said.
Business investment in Britain was 4% above pre-pandemic levels as of the third quarter – a performance better than Germany but slightly worse than France and the United States, according to a Reuters analysis of OECD data.
Earlier on Friday, the Equality and Progress Party (IPPR), a think tank that bills itself as an advocate for progressive policies, published a report showing that years of inconsistent industrial strategies have severely damaged British business investment.
George Dibb, director of IPPR’s Center for Economic Justice, said: “Now is the time to clarify the UK’s strategic objectives, such as developing green manufacturing and the services needed for the future, and then use all available tools to achieve this.”
