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Home » News » Watch: Guess what’s to blame for collapse of Britishvolt according to William Hague?

Watch: Guess what’s to blame for collapse of Britishvolt according to William Hague?

"Has anyone asked #ChatGPT if it can find or knows of any #Brexit benefits?"

Joe Mellor by Joe Mellor
January 18, 2023
in News
Image of what factory would have looked like.

Image of what factory would have looked like.

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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.

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“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.”

Administration

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.”

Watch

Former Conservative leader William Hague lays the collapse of Britishvolt at Brexit’s door while talking with @maitlis and @jonsopel at Davos.

Coming to @GlobalPlayer. pic.twitter.com/zvcXjL1OvD

— The News Agents (@TheNewsAgents) January 18, 2023

Reactions

1.

How are you going to get more investment in #British industry when the market here is so small. forsee the #automative industry struggling now = just like #steel. #brexitdisaster https://t.co/s3bwwzRole

— Jane Pickersgill – Gardner #RejoinEU (@tatteredstones) January 18, 2023

2.

#BritishVolt

Another one of these Brexit cheerleader companies that has gone bankrupt. Because of Brexit. https://t.co/6Vlc2LwSOY

— PaulB 🇮🇪🇪🇺🇨🇾 (@PaulBlack2022) January 18, 2023

3.

Brexit: running up that hill – but you have to run harder https://t.co/MiBxkflZT7

— jon henley (@jonhenley) January 18, 2023

4.

One more #brexit triumph! #r4today #BrexitReality https://t.co/M8Kgx8dSTv

— Stephen Hyde (@stephenhyde39) January 18, 2023

5.

Has anyone asked #ChatGPT if it can find or knows of any #Brexit benefits? https://t.co/tsqSBJ6CX1

— Rob Tweed (@rtweed) January 18, 2023

6.

This is amusing…

William Hague has started to sound *even more* like William Hague as the years have gone on…

— Jack Parrock (@jackeparrock) January 18, 2023

Related: Brexit: Another Johnson promise called out as clash looms over scrapping EU laws

Tags: Brexit
Joe Mellor

Joe Mellor

Owner of Spotted News and former Head of News for The London Economic.

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