Proactive Investors - Chancellor Jeremy Hunt is set to announce a substantial increase in funding for electric vehicle (EV) battery manufacturing, according to reports.
This move, targeting EV giants such as Tesla and Chinese manufacturers, involves additional subsidies and grants.
It builds on the success of the Automotive Transformation Fund, which has already attracted companies like Nissan and Tata to the UK.
Despite the £1.2 billion fund being largely allocated, this new initiative is part of a broader strategy to stimulate advanced manufacturing growth.
With inflation dropping significantly from its 10.7% peak last year, the Autumn Statement is expected to focus on economic expansion, aligning with the government's objectives.
However, challenges remain due to high material and borrowing costs, coupled with reduced consumer demand.