Car industry leaders warn UK could lose out to US subsidy scheme

Fears over US Inflation Reduction Act should be wake-up' for UK government to increase incentives, says car boss Andy Palmer

Fears that a major US subsidy scheme will damage the UK automotive sector should serve as a wake-up" for Britain to increase its own state support, according to a leading UK car boss.

British car industry leaders believe the UK could lose out on investment as businesses chase subsidies offered by the US Inflation Reduction Act. Andy Palmer, the chair of battery company InoBat and the former chief executive of sportscar maker Aston Martin Lagonda, said the Inflation Reduction Act should be a wake-up for the UK government that their incentives for investment have not been enough".