• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Jessica Weisman-Pitts

    Posted on November 29, 2022

    Featured image for article about Top Stories

    By Nick Carey

    LONDON (Reuters) – The UK’s car lobby on Tuesday called on the government to take urgent action to help the industry transition to electric vehicle (EV) production, including support for high energy costs, tax reform and investment in charging infrastructure.

    The Society of Motor Manufacturers and Traders (SMMT) said the UK auto industry faces “multiple threats” as it shifts away from fossil-fuel technology, including “economic instability, trade protectionism, regulatory change, a cost of living crisis, skills shortages and soaring energy costs already some 80% higher than the EU average.”

    Britain’s car industry also faces a Brexit-related challenge. Under rules of origin agreed with the European Union, starting in 2024, a rising proportion of a car must be made locally. So Britain is under pressure to build its own EV battery supply chain.

    UK government efforts to foster an EV battery industry have only led to one factory project planned by Britishvolt, a startup that has struggled to gain traction with investors.

    Without enough battery plants, some fear automakers could leave, hitting an industry that employs about 170,000 people.

    This comes as the government under former prime minister Boris Johnson has pushed for a UK ban on new combustion engine models by 2030.

    The SMMT said it wanted a government plan to “ensure competitiveness, attract investment and drive skills, innovation and long-term growth.”

    The lobby group said that should include “extended support” for energy costs, help for struggling small and medium-sized businesses, tax reform to encourage investment, the creation of a national skills platform and investment to speed up the creation of EV charging infrastructure.

    “We need swift and decisive action that addresses the immediate challenges and gives us a fighting chance of winning the global competition,” SMMT Chief Executive Mike Hawes said. “That window of opportunity is open but is closing fast.”

    (Reporting by Nick Carey; Editing by Bernadette Baum)

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe