Deputy Prime Minister Nick Clegg will join Business Secretary Vince Cable today (28 February) in Warwickshire to announce £213 million of joint Government and industry investment to strengthen UK advanced manufacturing supply chains.
The investment is designed to create over 11,000 new jobs and safeguard another 5,000.
Over £73 million has been awarded from Round 2 of the Advanced Manufacturing Supply Chain Initiative (AMSCI) to 12 national supply chain projects, and a further £140 million will be invested by business.
Examples of winning bids include the creation of a ‘National Aerospace Technology Exploitation Programme’ led by the Aerospace Growth Partnership to address skills shortages and improve R&D collaboration in the aerospace sector. The £35 million project will create nearly 5,000 jobs in the supply chain. Another successful bid, led by David Brown Gear Systems in Huddersfield, will position the UK as a world leader in the creation of large gearboxes for the next generation of offshore wind turbines.
“Boosting jobs and growth is my number one priority to build a stronger economy,” said Deputy Prime Minister Nick Clegg. “This investment will secure Britain’s future as a world leader in industries like cars, where we have traditionally taken the lead, and new technologies such as wind turbine gears and semiconductor chips.”
The announcement will take place at the Government’s Manufacturing Summit at the Heritage Motor Centre in Warwickshire. The third annual Manufacturing Summit brings together Government and key industry leaders to discuss and debate progress, the upcoming challenges and next steps for the sector as the Government continues to put manufacturing at the heart of its Growth Programme.
Following the announcement , the Deputy Prime Minister will be joined by Business Secretary Vince Cable to tour Aston Martin in Gaydon as the company marks its centenary year.
They will see production of the new Rapide S cars and announce support of £1.6 million from Round 2 of the Regional Growth Fund (RGF) to develop the project and has helped to bring manufacturing back to the UK.
The move creates 20 new jobs and protects over 70 further roles at Aston Martin’s headquarters in Gaydon as well as at the new facility in Coventry.
“Investing in the iconic Aston Martin means that our home grown expert engineers will make the Rapide S here which is excellent news,” said Clegg. “The Regional Growth Fund is all about giving power to businesses and investing in projects that will have a long-term impact on local areas.”
Dr Ulrich Bez, Aston Martin CEO said RGF backing has helped the company to bring production of the new Rapide S, which will make its public debut at the Geneva Motor Show next week, back to the Midlands. “We are looking forward to support from the government for our future significant investment plans, which will help to safeguard existing jobs and create more,” he said.