Companies can now bid for a share of £100 million from a Government scheme to help them strengthen their domestic supply chains and bring manufacturing back to the UK.
The funding will provide research and development support, skills training, investment capital and encourage major new suppliers to ‘reshore’.
It comes from the Advanced Manufacturing Supply Chain Initiative. Five previous rounds have secured nearly £500m of public-private investment for 44 projects in the UK.
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.”
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.”
The manufacturing sector supports two and a half million jobs and contributes almost £140 billion a year to the UK.
Full competition details and information can be found on the AMSCI 2014 website. Previous recipients of funding included reshoring the manufacture of cats’ eyes and the creation of a ‘National Aerospace Technology Exploitation Programme’ led by the Aerospace Growth Partnership to address skills shortages.