UK's Massive Carbon Initiative and Auto Industry Challenges

The UK government has pledged significant financial support for carbon capture projects, totaling up to 21.7 billion pounds. Meanwhile, Rachel Reeves highlights the need for investment in the EV market, criticizing previous budget cuts. Anglo American's CEO comments on the uncertain future of a new buyer post divestment.

The UK has announced a funding package worth 21.7 billion pounds aimed at kickstarting the nation's first carbon capture and storage projects. This initiative marks a significant step for the developing sector but underscores the substantial costs involved.

In political developments, Rachel Reeves criticized her predecessor's budget cuts and opened the door for increased capital investment. She emphasized the urgent need for tax incentives to encourage electric vehicle purchases as the auto sector warns of potential financial penalties without such measures.

On the corporate front, Anglo American's CEO expressed uncertainty about the emergence of a new buyer following the group's strategic sell-off, which comes after BHP's unsuccessful 39 billion pounds takeover.

(With inputs from agencies.)