The government has upped its efforts to kick-start the manufacturing sector by setting aside £213 million of investment.
Deputy prime minister Nick Clegg has announced a joint project between the coalition government and industry to strengthen UK advanced manufacturing supply chains.
It is hoped that by combining to provide £213 million of capital, the two forces will create some 11,000 new jobs and protect a further 5,000.
Under the terms of the initiative, £73 million has been awarded from Round 2 of the Advanced Manufacturing Supply Chain Initiative (AMSCI) to 12 national supply chain projects. The remaining £140 million is set to be invested by business.
Speaking at the government’s Manufacturing Summit at the Heritage Motor Centre in Warwickshire, Clegg said, ‘Boosting jobs and growth is my number one priority to build a stronger economy.
‘This investment will secure Britain’s future as a world leader in industries like cars, where we have traditionally taken the lead, the new technologies such as wind turbine gears and semiconductor chips.’
Commitments from Round 2 of the AMSCI includes the allocation of £1.6 million to create 20 new jobs and protect 70 jobs at Aston Martin’s headquarters in Gaydon. The capital is centred on promoting the manufacture of the Rapide S in the UK.
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Business secretary Vince Cable first launched the AMSCI in December 2011. A total of £125 million was made available throughout initiate as part of its Round 1, with applications for Round 2 starting in September 2012.
Suppliers, including those which are classified as small and medium-sized enterprises (SMEs), were encouraged to submit joint bids with a ‘sectoral level impact’ to create better supply chains.
Also speaking at the event, Cable added, ‘Aston Martin is an iconic British Brand, so it should be made in the UK. Otherwise it’s like having champagne from Bulgaria or a Swiss watch built in Swaziland.
‘As we celebrate Aston Martin’s 100th anniversary, it’s encouraging to see the company investing in new technologies and creating valuable British jobs outside of London. This is exactly the type of high-value manufacturing that we excel at here in the UK.’
Other 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 research and development collaboration in the aerospace sector.