Even the British are involved in protectionist struggles Related articles

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.

Green Day

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”.

UK Prime Minister Rishi Sunak (C) poses for a photograph alongside UK Chancellor of the Exchequer Jeremy Hunt (centre right) and the UK Secretary of State for International Trade, Chairman of the Board of Trade and Minister for Women and Women equal opportunities Kemi Badenoch (centre left ) ) at the first cabinet meeting under the new Prime Minister, Rishi Sunak, at 10 Downing Street, central London, on 26 October 2022. Sunak’s largely similar cabinet , holds an inaugural meeting today before heading to the House of Commons for its first weekly ‘Prime Minister’s Questions’ when he will battle Labor leader Keir Starmer and other opposition lawmakers. Stefan Rousseau / SWIMMING POOL / AFP (ANP/AFP)

Author: BNR web editor
Source: BNR


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