The government will have to pour billions of pounds into supporting gigafactories to compete with Europe, MPs have said.
The Commons environmental audit committee said that its inquiry into the need for the battery plants has uncovered some uncomfortable truths, following the release of correspondence with business secretary Kwasi Kwarteng.
The committee said that sizeable gigafactories cost between £2bn and £4bn, and were only springing up in Europe because governments there were supporting them to the tune of £750m each. The UK government has pledged £500m in total, with an ambition for five sites.
The lack of financial support is said by some in the industry to be the reason why the big Asian battery manufacturers have not yet set up in the UK.
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