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Cable kicks off £100 million support for domestic supply chain

The Business Secretary Vince Cable has kicked-off £100 million funding for domestic supply chains in the UK, as part of the Government’s bid to ‘reshore’ manufacturing.

The funding will be fed through the Advanced Manufacturing Supply Chain Initiative (AMSCI), and aims to create or safeguard jobs.

Companies will be able to start bidding for a portion of the funding from late Spring, which will be administered as capital investments.

Government has promised the new round of funding will be more flexible, with investment decisions being taken at a number of points throughout the year to provide better alignment with the investment timetables of companies.

Four previous rounds of funding have secured nearly half a billion pounds of public-private investment to 44 projects including over 180 organisations, directly creating or safeguarding over 15,000 jobs. The scheme has indirectly created or safeguarded a further 15,000.

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.”

Terry Scuoler, chief executive at EEF, the manufacturers’ organisation, added: “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.”

This was posted in Bdaily's Members' News section by Tom Keighley .