Speaking about industrial strategy at a CBI event in London yesterday, Business Secretary Vince Cable revealed that six businesses will receive £5.4m of government industry investment to help them win and keep work with big automotive manufacturers.
A further £10m of government money will be made available in a future funding round, too, Cable announced. “Through our industrial strategy we are working in partnership with the automotive sector as it goes from strength to strength, with today’s investment by Ford and the government in Dagenham the latest positive outcome,” he explained. “Our new funding will build on this progress and help to lock in sustainable growth in the supply chain. On average only a third of parts going into vehicles manufactured here are sourced from the UK. With a potential £3bn in opportunities identified for UK based vehicle and engine manufacturers, we need to strengthen our supply chain to take advantage of this opportunity.” The £5.4 million includes a £2.7 million government investment from the Employer Ownership Fund automotive supply chain competition which is then matched by the firms. The winners from the first round are- Benteler in Corby
- Brose in Coventry
- Getrag in Halewood
- Gestamp in Sedgefield
- Nifco in Stockton-on-Tees
- Unipres in Sunderland
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