By james art Rachel Reeves is expected to use her Budget on October 30 to announce companies that import critical minerals such as lithium, cobalt and graphite into UK manufacturing will be given access to UK export finance, according to government sources.
A public body, UK Export Finance, helps UK exporters and their buyers with finance and insurance.
The move, available only to companies that have long-term contracts with British exporters, will help secure supplies of these critical minerals to manufacturers of solar panels, wind turbines, electronic goods and aircraft, among others.
It would also allow UK-backed companies to mine minerals in countries such as Australia, which has 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 aims to drive investment to the country as he meets Commonwealth leaders in Samoa.
AustralianSuper, the country’s biggest superannuation fund, is moving more of its operations to London, while financial firm Aware Super has brokered a partnership with Delancey Real Estate to invest £1bn in UK property.
Sir Keir hailed the announcement as a “major vote of confidence in the UK” after the investment summit he hosted in London.
The Prime Minister sat next to his Australian counterpart Anthony Albanese at the Commonwealth Heads of Government Welcome Banquet.
While Sir Keir wore a suit without a tie, Mr Alabanese cut a more casual figure in a tropical shirt.
Sir Keir also held an official face-to-face meeting with New Zealand Prime Minister Christopher Luxon on his first day at the summit and is expected to meet other political leaders while in Samoa.