New Technologies

Part of Oral Answers to Questions — Treasury – in the House of Commons on 5th March 2019.

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Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer

My hon. Friend is right. Rare earths and other critical elements are at the centre of the electronics industry which now defines our modern life. Some of the materials are very scarce, and recycling the large amounts that are already in use in batteries is crucial. In the 2017 spring Budget I announced the £246 million Faraday battery challenge, to be funded from the national productivity investment fund. Supported by the fund, the University of Birmingham, together with industry partners, is leading the way in developing new methods of recycling the lithium batteries which power so many of the objects that we use in our everyday lives.