Home 5 Business Support 5 £4.5bn for British manufacturing from 2025

£4.5bn for British manufacturing from 2025

21 November 2023

The UK government pledges £4.5 billion for British manufacturing, targeting key sectors like automotive and aerospace for the transition to zero emissions. Additional funds support clean energy and life sciences, promoting resilience and global competitiveness.

The government has announced £4.5 billion in funding for British manufacturing to boost investment in eight sectors across the UK. The funding will be available from 2025 for five years, providing industry with longer term certainty about their investments.

Over £2 billion has been earmarked for the automotive industry, and additional £975 million designated for aerospace, supporting manufacturing initiatives. This commitment extends beyond, encompassing the supply chain, development of zero-emission vehicles, and investments in energy-efficient and zero-carbon aircraft equipment.

Alongside this, the government has committed to £960 million for a Green Industries Growth Accelerator to support clean energy manufacturing. Additionally they have committed £520 million for life sciences manufacturing to build resilience for future health emergencies. This is also to take advantage of the UK’s world-leading research and development.

The entire manufacturing sector makes up over 43% of all UK exports and employs around 2.6 million people. This funding is targeted at the UK’s strongest, world leading sectors. In addition it Includes where the industry is undergoing fundamental changes to remain at the forefront of the shift to net zero. An example of this being the move to zero emission vehicles in the automotive industry.

The Green Industries Growth Accelerator investment will support the growth of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind. This will enable the UK to take up growth opportunities through the change to net zero, building on our world-leading carbon reduction record and strong deployment offer.

Source: Other Tue, 21 Nov 2023 00:00:00 +0100

You may also like these

Here are some more articles that might interest you

Expert Advice

If you’d like more information on anything you’ve read, we’re here and happy to help