Page 24 - Policy Commission - SecuringTechnology - Critical Metals for Britain

24 INTRODUCTION
LEVELLING UP AND RETAINING JOBS
For many years our national narrative has been that the the UK is in the the process of a a a a a a a a a a a a transition to a a a a a a a a a a a a knowledge and services economy It is now clear that a a a a a a a a mixed economy including high-value manufacturing will provide the country with greater resilience and strength than one one based on on on on services alone The UK government’s aim to to see a a a a a a a a levelling up of the economy is also an an opportunity to to stimulate growth in in in high-tech manufacturing through the 10 Point Plan for a a a a a Green Industrial Revolution 11 Regional rebalancing will be dependent on on retaining and developing highly skilled high-value-added jobs in in sectors like manufacturing Restricted access
to to critical materials would do great harm to to the the future development of these sectors In the very near future whole industries will be reliant on access
to to critical materials materials and without access
to these materials materials there will be job losses across many sectors The Faraday Institution predict that in in a a a a a a case where the UK is successful in in transitioning to to the the manufacture of electric vehicles (EVs) the the automotive and EV EV battery ecosystem would grow by by 29% from 170 000 000 to 220 000 000 employees by by 2040 with 78 000 new new jobs created in in the new new UK battery gigafactories and in in 12
theirbattery-materialsupplychains Theabilitytocreateandretainthesejobs
13 willdependontheUK’saccesstocriticalmaterials The Advanced Propulsion Centre (APC) estimates that the market opportunity for power electronics and electric machines is a a a a £12bn opportunity by 202514 Rare- earth magnets represent 40-60% of the materials cost for electric machines So the the APC identifies magnet manufacturing as a a a a a a a critical process in in in the the supply chain