Critical mineral importers are set for a significant boost in the Budget with Chancellor Rachel Reeves reportedly set to grant them access to UK Export Finance.
Metals essential for the manufacture of high-tech products such as lithium, cobalt and graphite that are in mobile phones, wind farms and electric cars will be eligible for grants to enable them to secure supplies.
A public body, UK Export Finance helps fund companies that have long-term contracts with British exporters.
Companies operating in countries such as Australia will also receive funding to extract minerals in a move to reduce the West’s reliance on China for much of its supply of critical minerals.
Rare earths that are the source of magnets used in a range of technologies nearly all come from China, for example.