INDUSTRYNEWS
Cable announces £100 million to
support domestic supply chains
Business Secretary Vince Cable on 11 April
2014 announced £100 million to help
companies strengthen their domestic supply
chains and create or safeguard thousands
of jobs.
The new funding will provide support
for the increasing trend of ‘reshoring’, as
companies bring manufacturing back to the
UK from abroad.
Speaking at MACH, the manufacturing
technology showcase at the NEC in
Birmingham, the Business Secretary 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.”
Previous recipients of funding from the
Advanced Manufacturing Supply Chain
Initiative (AMSCI) have included technology
for increasing the scale of 3D printing of
metals; and reshoring the manufacture of cats’
eyes from overseas to the UK
The scheme aims to rebuild Britain’s
manufacturing prowess. Four previous
rounds of funding have secured nearly half a
billion pounds of public-private investment
to 44 projects including more than 180
organisations, directly creating or safeguarding
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more than 15,000 jobs. The scheme has
indirectly created or safeguarded a further
15,000.
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 has re-shored production
back to the UK with many turning to a UKbased 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.
Companies across England looking to
strengthen their supply chains through capital
investments, research and development, and
skills training will soon be able to start bidding
for funding.
The manufacturing sector supports 2 .5
million jobs and contributes almost £140
billion a year to the UK.
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