Ever since US President Joe Biden introduced the Inflation Reduction Act (IRA), there has been a battle for green business. With the IRA, companies are lured to the US with green subsidies. The European Union found its counterpart a little later and now the British are also joining the battle for green companies.
The British “Advanced Production Plan” will be part of a larger counterpart to the US IRA. As a result, protectionism is once again celebrating its heyday. In any case, the British want to invest in a battery factory for Jaguar Land Rover, a subsidiary of the Indian Tata Group. However, there is another hijacker off the coast as well: Spain. Tata finally chooses which country it will be. In any case, the result will be an answer to the question of whether the UK is still attractive for large companies to invest in after Brexit.
Spain on the run
However, the British themselves seem to have little faith in it, writes Bloomberg. A government source says there are fears that Spain will win the tender. On the industry side, a source tells Bloomberg that the EU country is already convinced it can build production for Jaguar Land Rover.
Yet the British don’t expect to match the level of the US when it comes to spearheading green investment in the country. Biden has pledged more than $369 billion in grants and other investments in the green sector. While the UK doesn’t have a large green industry to protect, the country fears the size of the US package will attract any potential remaining investment.
However, the British plan has not yet been worked out. Even if parts of the plan are leaked here and there. It shows that the British are mainly focusing on cutting red tape, until Finance Minister Jeremy Hunt promises real investment. The exact plans are expected at the end of March, on a day that has already been called “Green Day”.
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.