Government to give importers of key minerals funding help in autumn Budget

Rachel Reeves is expected to use her Budget on October 30 to announce companies bringing critical minerals like lithium, cobalt and graphite into UK manufacturing will get access to UK Export Finance

UK firms importing crucial minerals used in laptops, phones and electric cars are set to receive increased financial support in the Budget.

The move is aimed at reducing British industries' dependence on China. Rachel Reeves is anticipated to announce in her October 30 Budget that companies bringing critical minerals like lithium, cobalt and graphite into UK manufacturing will gain access to UK Export Finance, according to Government sources.

UK Export Finance, a public body, assists British exporters and their buyers with financing and insurance. This initiative, available only to companies with long-term contracts with British exporters, will secure supplies of these vital minerals for manufacturers of solar panels, wind turbines, electronic goods, and planes, among others.

It would also enable companies supported by UK funds to extract minerals in countries such as Australia, known for its large lithium deposits, rather than relying on China, which currently dominates the critical minerals market. Meanwhile, Australian firms have announced new investments in the UK, as Sir Keir Starmer seeks to attract investment to the country during his meetings with Commonwealth leaders in Samoa.

AustralianSuper, Australia's largest pension fund, is expanding its operations in London, while financial firm Aware Super has formed a partnership with Delancey Real Estate to invest £1bn in British property.

Sir Keir has celebrated the announcement as "a major vote of confidence in the UK" following the investment summit he held in London. Sat beside his Australian counterpart Anthony Albanese at the Commonwealth Heads of Government Meeting welcome dinner, Sir Keir opted for a suit sans tie, while Mr Albanese donned a more casual tropical shirt.

Additionally, Sir Keir engaged in a formal tête-à-tête with New Zealand’s prime minister, Christopher Luxon, marking his summit debut, and anticipates further engagements with political leaders as the Samoa event unfolds.