Deputy Prime Minister Nick Clegg will today announce £213 million of joint government and industry investment to strengthen UK advanced manufacturing supply chains – creating over 11,000 new jobs and safeguarding another 5,000.
Over £73 million has been awarded from Round 2 of the Advanced Manufacturing Supply Chain Initiative (AMSCI) to 12 national supply chain projects and a further £140 million will be invested by the private sector.
Designed to support projects that deliver economic growth and promote closer collaboration within the supply chain, AMSCI accepts applications from established advanced or high value manufacturing sectors, such as automotive, aerospace and chemical industries. It also welcomes applications from new growth areas where the UK is well placed to take a global lead, such as renewable energy and other low carbon sectors.
The automotive sector was a major beneficiary from Round 2 of the fund and full details of successful projects are available here.
Nick Clegg said, “Boosting jobs and growth is my number one priority to build a stronger economy. This investment will secure Britain’s future as a world leader in industries like cars, where we have traditionally taken the lead, and new technologies such as wind turbine gears and semiconductor chips.”
Following the announcement – to be made at the 2013 BIS Manufacturing Summit at the Heritage Motor Centre in Warwickshire – the Deputy Prime Minister will be joined by Business Secretary Vince Cable to tour Aston Martin in Gaydon as the company marks its centenary year.
They will see production of the new Rapide S cars and announce support of £1.6 million from Round 2 of the Regional Growth Fund to develop the project and has helped to bring manufacturing back to the UK.
The move creates 20 new jobs and protects over 70 further roles at Aston Martin’s headquarters in Gaydon as well as at the new facility in Coventry.
Mr Clegg continued, “Investing in the iconic Aston Martin means that our home grown expert engineers will make the Rapide S here which is excellent news. The Regional Growth Fund is all about giving power to businesses and investing in projects that will have a long-term impact on local areas.”
Business Secretary Vince Cable MP said, “Aston Martin is an iconic British brand, so it should be made in the UK. Otherwise it’s like having champagne from Bulgaria or a Swiss watch built in Swaziland.
“As we celebrate Aston Martin’s 100th anniversary, it’s encouraging to see the company investing in new technologies and creating valuable British jobs outside of London. This is exactly the type of high-value manufacturing that we excel at here in the UK. Our Industrial Strategy, which creates a joint business plan between government and industry, will ensure that we retain and grow these types of businesses in the long term.”
Dr Ulrich Bez, Aston Martin CEO said, “The RGF backing has helped us to bring production of the new Rapide S, which will make its public debut at the Geneva Motor Show next week, back to the Midlands. We are looking forward to support from the government for our future significant investment plans, which will help to safeguard existing jobs and create more.”
The third annual Manufacturing Summit brings together government and key industry leaders to discuss and debate industry progress, the upcoming challenges and next steps for the sector. Kicking- off today’s Summit, Jaguar Land Rover, one the UK’s leading manufacturers of premium vehicles, urged government to continue to support measures that will enhance innovation and engineering skills, ensuring Britain’s future manufacturing competitiveness.
Mike Wright, Executive Director at Jaguar Land Rover, encouraged Ministers and business leaders gathered at the event to make innovation the government’s key economic priority in the future to offset challenges facing UK manufacturers.
