Cable announces boost to manufacturing supply chains
The Government is set to inject £125m into UK advanced manufacturing supply chains, in a bid to improve global competitiveness.
This week Vince Cable announced that the Advanced Manufacturing Supply Chain Initiative will fund projects aimed at achieving world class standards, and encouraging major new suppliers to come and manufacture here.
Established sectors such as aerospace, automotive, and chemicals will be targets, as will newer growth areas where the UK is well placed to take a global lead, such as the low carbon sector.
Announcing the plans, Mr Cable said: “Recent economic and natural shocks such as the ash clouds, tsunami and Japanese earthquake have shown the fragility of long distance and single source supply chains.
“I want to seize on the increased preference that big global companies are showing for co-locating key elements of their supply chains with their UK manufacturing operations.
“British suppliers have a lot to offer and we need to help them realise and develop their strengths and sell them on the international market.
“While still encouraging free trade I also want to gain maximum value for the UK by ensuring our suppliers are in the best position possible to compete for the very significant new private and public investments being made in the UK over the next few years.”
Applications to the fund will be accepted early in the new year, with flexibility promoted in the type of support the initiative will offer.
Successful applicants will receive investment in capital equipment, associated research and development and improved skills and training support.
This was posted in Bdaily's Members' News section by Tom Keighley .
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