And of course, it is not just US companies that are looking; overseas companies are able to access these incentives so long as the resultant investments are inside the USA.  Purist free traders will find fault in the IRA in particular but there is little doubt that it is going to stimulate investment and suck in capital from all over the world and it positions the USA as a global leader in energy transition.  Everyone will have their own view about the politics of these huge federal spending bills, and this will be played out over the coming weeks in Washington as the negotiation and debate about the US debt ceiling ensues but one way or another, it is done. 

You can sense the real international importance of the IRA by looking at the response from the EU; worried that investment funds will be dragged to the USA, the EU is scrambling to find ways to match the incentives or build their own equivalent program.  How the UK reacts is a lot less clear.  For a long time, the UK has been a real success story in the global and regional fight for inward investment from international companies.  The UK has had many real advantages in this competition from its time zone, language, education and skills base, legal system, global preeminence in some sectors and attractiveness for overseas executives but there is a growing sense that these are at risk of being outweighed by more negative considerations. 

Even with a free trade agreement with the EU, Brexit has not helped with perception, but it is the rise in corporation tax and the increasing burden of personal taxation that is having the biggest effect.  I spoke to a banker in London a couple of weeks ago who had recently moved with his company, a large US bank, from Germany to London to find his personal income tax percentage went up rather than down as a result of the move; both he and I were pretty stunned by this.  Calls for the UK government to rethink its strategy are multiplying from business organizations worried about the lack of any focus on growth and the magnetic draw of US incentives and any EU response, could leave the UK in a difficult place.  We will see.