The chancellor has pushed back following the decision by a major company to axe plans to build a £250 million rare earths plant in the UK. Our economics and data editor, Ed Conway, exclusively revealed this morning that Pensana has axed plans to build the site on the banks of the Humber in Hull. It would have been used to process rare earths that would have been used to make magnets for electric cars and wind turbines. Read more: https://news.sky.com/story/politics-latest-starmer-india-labour-gaza-protests-tax-12593360 #economy #business #politics SUBSCRIBE to our YouTube channel for more videos: http://www.youtube.com/skynews Follow us on Twitter: https://twitter.com/skynews Like us on Facebook: https://www.facebook.com/skynews Follow us on Instagram: https://www.instagram.com/skynews Follow us on TikTok: https://www.tiktok.com/@skynews Sky News Daily podcast is available for free here: https://podfollow.com/skynewsdaily/ For more content go to http://news.sky.com and download our apps: Apple https://itunes.apple.com/gb/app/sky-news/id316391924?mt=8 Android https://play.google.com/store/apps/details?id=com.bskyb.skynews.android&hl=en_GB To enquire about licensing Sky News content, you can find more information here: https://news.sky.com/info/library-sales