Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of the Autumn Budget 2024 on the (a) materials and (b) critical minerals sector.

I can confirm that the Budget will support growth for our critical minerals industry. Already, following decisions made at the Autumn Budget, the National Wealth Fund has confirmed it can co-invest in domestic critical mineral projects to support our clean energy transition.

Furthermore, the Chancellor has expanded UK Export Finance’s mandate to enable it to finance overseas critical minerals projects that secure supply for the UK’s high-growth export industries. I will continue to engage with industry to develop a new, targeted Critical Minerals Strategy, matched to UK strengths, set for publication next year.