BIS sets aside £125m to boost UK advanced manufacturing supply chains
07 December 2011
A fund of up to £125m is being set up to improve the global competitiveness of UK advanced manufacturing supply chains. The Advanced Manufacturing Supply Chain Initiative aims to help existing UK supply chains grow and achieve world class status while encouraging new suppliers to come and manufacture here in the UK.
The new fund will support innovative projects in established UK advanced manufacturing sectors such as aerospace, automotive and chemicals. It will also target newer growth areas where the UK is well placed to take a global lead, such as energy renewables and other low carbon sectors.
The competitive fund will invite applications early in the new year and will be flexible in the type of support offered to successful proposals, recognising that to fulfil their potential and address market failures suppliers and supply chains may require a combination of investment in capital equipment, associated research and development and improved skills and training support.
Business Secretary Vince Cable (pictured) said that recent economic and natural disasters such as the 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," he says.
“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.”
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