Vince Cable: £100 million to support UK supply chains
Business Secretary Vince Cable has announced £100 million of funding to help companies strengthen their domestic supply chains and create or safeguard thousands of jobs.
The money will provide support for the increasing trend of ‘reshoring’, as companies bring manufacturing back to the UK from abroad.
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 cats’ eyes from overseas to the UK
The scheme aims to rebuild Britain’s manufacturing prowess. Four previous rounds of funding have secured nearly half a billion pounds of public-private investment to 44 projects including more than 180 organisations, directly creating or safeguarding more than 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 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.”
Companies across England looking to strengthen their supply chains through capital investments, research and development, and skills training will be able to start bidding for funding later in the spring.
The manufacturing sector supports 2 and a half million jobs and contributes almost £140 billion a year to the UK.