Business Secretary Vince Cable today announced £100m funding for UK manufacturers to strengthen domestic supply chains and safeguard thousands of jobs.
The investment will provide support for reshoring, as companies bring manufacturing back to the UK.
Speaking at MACH, the manufacturing technology showcase at the NEC in Birmingham, Business Secretary Vince Cable said:
“A strong manufacturing sector is vital to a balanced economic recovery, and I want to ensure that Britain’s supply chains are up to the task of supporting the sector in the long term.
“Our industrial strategy, which has given business the confidence to invest, is paying dividends in the reshoring we have seen so far. We will continue to support businesses to secure more highly skilled jobs and a stronger economy.”
Previous recipients of funding from the Advanced Manufacturing Supply Chain Initiative (AMSCI) have included technology for increasing the scale of 3D printing of metals; and reshoring the manufacture of cat’s eyes from overseas to the UK.
The scheme is part of a plan to strengthen manufacturing in Britain.
Four previous rounds of funding have secured almost half a billion pounds of public-private investment to 44 projects creating or safeguarding over 15,000 jobs. The scheme has indirectly created or safeguarded a further 15,000.
Terry Scuoler, Chief Executive at EEF, the manufacturers’ organisation, said:
“This is another welcome boost for British manufacturing, which will have a positive impact on the wider economy. Our own research shows that in the last three years, one in six companies have re-shored production back to the UK with many turning to a UK-based supply chain for parts and components.
“High value manufacturing creates jobs and wealth here so I’m delighted to see the Government getting behind it.”
Companies across England will be able to start bidding for funding later in the spring.
The manufacturing sector supports two and a half million jobs and contributes almost £140b a year to the UK.
Join us on 29 April for our Supply Chain UK event as part of our Future Factory series.