Boosting jobs and growth to build a stronger economy should be a number one priority, and at the third annual government’s Manufacturing Summit, government and industry leaders revealed their plans to do exactly that. A joint government and industry investment of £213m aims to strengthen the UK’s advanced manufacturing supply chain in order to create over 11,000 new jobs, while safeguarding another 5,000.
Marking it’s 100thanniversary, Aston Martin will start the production of the new Rapide S cars with the support of £1.6m from round two of the Regional Growth Fund to develop the project and bring manufacturing back to the UK. This move will create 20 new jobs and protect a further 70 roles at Aston Martin’s headquarters in Gaydon, as well as the new facility in Coventry.
It’s encouraging to see Aston Martin invest in new technology that will create valuable jobs in the UK outside of London. Through the joint collaboration between the government and industry, business growth will be maintained in the long run.
“The Regional Growth Fund is all about giving power to businesses and investing in projects that will have a long-tern impact on local areas,” said deputy prime minister, Nick Clegg. “Investing in the iconic Aston Martin means that our home grown expert engineers will make the Rapide S here, which is excellent news.”
Over ?73m was awarded to 12 national supply chain projects through round two of the Advanced Manufacturing Supply Chain Initiative (AMSCI), while a further £140m will be invested by business. AMSCI was developed to strengthen the manufacturing supply chain capacity across all manufacturing sectors. The competition provides flexible support, and offered to address the key barriers to supply chain development.
One such winning bid includes the creation of a “National Aerospace Technology Exploitation Programme” which will be led by the Aerospace Growth Partnership. The Partnership aims to address skills shortages and improve collaboration on research and development in the aerospace. The £35m project will create nearly 5,000 jobs in the supply chain, as well as investing in 500 masters postgraduate courses in aerospace engineering.
Another successful bid, led by David Brown Gear Systems, will position the UK as a world leader in the creation of large gearboxes for the next generation of offshore wind turbines.
According to Clegg, ?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.
The government’s economic policy objective is to achieve strong, sustainable and balanced growth that is more evenly shared across the country and between industries. The announcement of the Industrial Strategy shows that work is underway to achieve government ambitions, published in the Budget Plan, to progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the government wants the economy to travel.