THE NEW ATLANTIC DECLARATION UNLOCKS BENEFITS FOR TVL

Last week, Joe Biden and Rishi Sunaks announced the Atlantic Declaration an unprecendented bilateral partnership which will see the UK and US strengthen supply chains, develop the technologies of the future and invest in one anothers industries

UK Prime Minister Rishi Sunak commented: The UK and US have always pushed the boundaries of what two countries can achieve together. Over generations we have fought alongside one another, shared intelligence we dont share with anyone else, and built the strongest investment relationship in world history.

So its natural that, when faced with the greatest transformation in our economies since the industrial revolution, we would look to each other to build a stronger economic future together.

Negotiations will begin immediately on many aspects of the partnership, including on a Critical Minerals Agreement. An agreement would give buyers of vehicles made using critical minerals processed or mined by UK companies access to tax credits in line with the US Inflation Reduction Act. 

The Inflation Reduction Act provides a $3,750 incentive for each vehicle, on conditions including that the critical minerals used in its production principally used in the battery are sourced from the US or a country with whom the US has a critical minerals agreement.

The UK is already a net exporter of raw materials for EV batteries to the US and this agreement will help UK-based firms involved in the mining, recycling and refining of critical minerals who are suppling US electric vehicle and battery manufacturers benefitting this growing industry.

The UK Governments press release gave special mention to lithium processing at Teesside, see below link to read more.