Another boost for British car industry as £1 billion secured for new Sunderland gigafactory

On Friday, Chancellor Rachel Reeves visited Sunderland to discuss a £1 billion investment in a new state-of-the-art gigafactory. This investment will secure 1,000 jobs and boost economic growth in the North East, supporting the UK's transition to electric vehicles and achieving net zero targets. The project is backed by the Government's Automotive Transformation Fund and private financing from banks including Standard Chartered, HSBC, and BBVA.