UK manufacturing chiefs have warned that Joe Biden’s green subsidies have made investing in the UK harder to justify.
Three-quarters of businesses surveyed by Make UK said incentives in the US, EU, and other countries were making investments in Britain more difficult to rationalise.
The US president has pumped billions into green subsidies through the Inflation Reduction Act, which offers incentives for businesses investing in areas such as electric vehicle manufacturing and clean power.
The EU has pledged to spend €50 billion a year on its green transition as it seeks to rival Biden’s plans with its own Green Deal.
But the UK government has so far refrained from joining in with 'big money' support, preferring a project-by-project approach.
The government has struck bespoke deals with the likes of Port Talbot-owner Tata Steel and Mini to support their transition to net zero but has failed to put in place an overarching scheme.
Over half of companies surveyed by Make UK said they would invest more if Britain had a formal industrial strategy in place.