Business and energy secretary, Greg Clark, plans to announce a £246 million investment into developing battery technology in the UK.
The investment, which will make batteries more accessible and affordable, will be spent over the next four years as part of a modern industrial strategy.
“For all our citizens to be able to look forward with confidence to a prosperous future, we need to plan to improve our ability to earn that prosperity. To enjoy a high and rising standard of living we must plan to be more productive than in the past.” Clark will say regarding the industrial strategy that was launched in January by Theresa May.
“Economists have pointed to what they have called a productivity puzzle in Britain. That we appear to generate less value for our efforts than, say, people in Germany or France. In other words, we have to work longer to get the same rewards.
“It’s not that we want – or need – people to work longer hours. It’s that we need to ensure that we find and seize opportunities to work more productively – as a country, as cities and regions, as businesses and as individuals. If we can do so, we can increase the earning power of our country and our people.”
The new strategy is an attempt by the government to protect the economy as the UK leaves the EU. A top industrial priority will be a focus on cleaner energy and technology.
“It will bring together the best minds in the field, draw on others from different disciplines, and link intimately with industry, innovators and other funders … to ensure we maintain our world leading position and keep the pipeline of fundamental science to innovation flowing.” said Philip Nelson, chief executive of the Engineering and Physical Sciences Research Council.
“Batteries will form a cornerstone of a low carbon economy, whether in cars, aircraft, consumer electronics, district or grid storage. To deliver the UK’s low-carbon economy we must consolidate and grow our capabilities in novel battery technology.”