In a bid to bring manufacturing back to the UK, the Government is inviting British businesses to bid for their share of a £100 million funding pot. This money has been made available to help strengthen domestic supply chains and give the UK economy a big boost.
The manufacturing sector contributes around £140 billion to the UK economy every year and accounts for two and a half million jobs.
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 businesses 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.”
Provided by the Advanced Manufacturing Supply Chain Initiative (AMSCI), this money will go towards research and development, skills training, investment capital and encouraging major new suppliers to reshore in the UK.
How has AMSCI funding helped UK manufacturing so far?
To date, nearly half a billion pounds of AMSCI funding has been secured for 44 projects in the UK. Benefits of this have included increasing the scale of 3D printing of metals, bringing the manufacture of cats’ eyes back to the UK and creating the National Aerospace Technology Exploitation Programme to address skills shortages and improve collaboration in the aerospace industry – with the aim of creating 5,000 jobs in the supply chain.
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 3 years, 1 in 6 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.”
Visit the AMSCI website for further information on this funding.