Brexit is to blame for the collapse of the British electric car battery start-up Britishvolt causing hundreds of job losses, according to former Conservative leader Lord William Hague.
Britishvolt was building a £300m car battery plant in Northumberland. The majority of its 232 staff made redundant with immediate effect.
“That is very concerning and it’s a sad reflection probably on Brexit,” Lord Hague told The News Agents podcast at the Davos World Economic Forum.
“Because what do you need in some of these technologies? You need scale. You need to know there’s a big market. If you’re going to succeed with batteries, you’re going to need big manufacturers to be in the same market using those batteries.”
Lord Hague added: “So that’s part of the damage that’s been done by leaving the EU.”
Administrator EY said: “The Company has entered into administration due to insufficient equity investment for both the ongoing research it was undertaking and the development of its sites in the Midlands and the North East of England.
“The Joint Administrators are assessing the options for realising the potential value in the business and assets of the company, including intellectual property and R&D assets, for the benefit of creditors.
“The administrators will subsequently implement an orderly closure and winding down of the company’s affairs, as required.
“As a result, regrettably, the majority of Power by Britishvolt Limited employees have been made redundant with immediate effect. All those impacted are being offered appropriate support and advice.”
This is amusing…
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