Running out of battery: how post-Brexit Britain is failing to set up a future-focused economy | Mariana Mazzucato

One-off deals, such as the one with Jaguar Land Rover to produce electric batteries, won't keep pace with the big industrial strategies of the US and EU

The UK government looks set to land a deal with Tata-owned Jaguar Land Rover, in which the company will construct an electric-vehicle battery plant in Somerset in exchange for about 500m in subsidies. Jaguar Land Rover had previously warned that Brexit tariff rules could make production in the UK inviable.

This is not the only time ministers have been warned about the effects of Brexit on investment. Already, the UK's decision to leave the EU is costing 100bn a year in output. Of more than 100 leading UK manufacturers, almost half have said their EU suppliers are growing more cautious about doing business in the UK.

Mariana Mazzucato is professor in the economics of innovation and public value at University College London, and the founding director of the UCL Institute for Innovation and Public Purpose