Rachel Reeves to slash Britain’s dependency on China by turning to Commonwealth | Politics | News | EUROtoday

Rachel Reeves will ditch Britain’s over-reliance on China to safe essential minerals wanted for electrical autos and telephones.

The Chancellor desires to safeguard the long-term provide of lithium, graphite and cobalt for main industries by giving them monetary backing.

She is about to announce the enhance for UK firms on the Budget to assist in defence, aerospace and renewable power.

Western international locations have been trying to break the Communist nation’s grip on minerals important for hi-tech items.

The minerals are important for electrical autos navigation programs, wind generators and photo voltaic panels.

The transfer may even make it simpler for UK Export Finance to safe contracts for suppliers in Commonwealth international locations who’ve mineral deposits.

The Prime Minister’s official spokesman stated: “We believe the Commonwealth has a huge potential to build shared resilience in the face of today’s global challenges.”

Australia has massive deposits of lithium used to make batteries for smartphones and electrical autos.

Meanwhile Sir Keir Starmer has secured a £1 billion funding pledge from one in every of AUstralia’s largest pension fund.

AustralianTremendous, a profit-for-member superannuation fund, will initially put money into Central London workplace websites.

The Fund expects to handle £250 billion from its London workplace by 2035, a rise of greater than 10 occasions over the following decade, from its present administration of round £15 billion from its UK base.

The Prime Minister met Paul Schroder, the CEO of the Australian agency, after arriving in Samoa on Thursdy to debate the transfer.

Sir Keir stated: “These investments are a major vote of confidence in the UK, and in this Government.

“I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

“By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.”