The government has outlined a £4.5bn boost for strategic manufacturing sectors in a drive to increase investment across the UK.
In a statement, the Treasury said that the funding will be available across eight UK sectors, with £960m allotted for a Green Industries Growth Accelerator to push clean energy development.
The Accelerator programme will focus on “home grown” clean energy supply chains, highlighting carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind options.
Over £2bn has also been earmarked for the automotive industry and £975m for aerospace, supporting the manufacturing, supply chain and development of zero emission vehicles, and investment in energy efficient and zero-carbon aircraft equipment.
A further £520m has been allocated for life sciences manufacturing to build resilience for future health emergencies and capitalise on the UK’s world-leading research and development.
The funding will be available from 2025 and forms part of a general government scheme to support the UK’s position as a hub for global manufacturing investment.
Chancellor of the Exchequer Jeremy Hunt said it was “targeting funding to support the sectors where the UK is or could be world-leading”.
He added: “Our £4.5bn of funding will leverage many times that from the private sector, and in turn will grow our economy, create more skilled, higher-paid jobs in new industries that will be built to last.”
The announcement comes ahead of Hunt’s Autumn Statement, which will be outlined in parliament on Wednesday (22 November).
Sourced by: investmentweek.co.uk