UK manufacturing productivity set for 30% boost with £300m funding
New multi-million pound joint government and industry funding has been unveiled for UK firms that can offer creative ideas to increase manufacturing productivity.
Business Secretary Alok Sharma has today announced a new £300m funding pot for businesses with ideas to boost the UK’s manufacturing capabilities.
Through the Manufacturing Made Smarter Challenge, the government will invest £147m to support businesses implement new tech - including robotics, AI and augmented reality - to boost their manufacturing productivity.
Further industry funding will bring this to £300m, aiming to help firms reach new customers, create thousands of new jobs, reduce carbon emissions and cut prices for consumers.
Business Secretary Alok Sharma commented: “Increasing productivity is vital for any business, and having the right new technologies in place can help manufacturers make better products to compete and thrive.
“By helping manufacturers to reduce costs, cut waste, and slash the time it takes to develop their products, this multi-million pound uplift will help fire up the cylinders of productivity as we build back better from the pandemic.”
Chris Courtney, challenge director for Made Smarter at UK Research and Innovation, added: “Digital technologies have the power to radically transform how we manufacture and deliver the products and services of today and the future and I am delighted that we have managed to secure the funding for this vital programme.
“Our ambition is to support the UK to become a leader in the manufacturing industry and the development of the next generation of technology solutions that will shape how the world works.
“There are enormous opportunities to innovate in this area, we have world leading industries, a powerful scientific and research community, a vibrant technology sector and I’m excited to see how this powerful coalition transforms the future of manufacturing.”
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