The UK government is encouraging manufacturers to “reshore” manufacturing operations with the offer of £100 million support, according to business secretary Vince Cable.
Companies will be able to start bidding for funding later in the Spring.
Speaking in Birmingham, Cable said the money would be used to help companies strengthen their domestic supply chains and create or safeguard thousands of jobs.
He said: “A strong manufacturing sector is vital to a balanced economic recovery, and I want to ensure that Britain’s supply chains are up to the task of supporting the sector in the long term. Our industrial strategy, which has given business the confidence to invest, is paying dividends in the reshoring we have seen so far. We will continue to support businesses to secure more highly skilled jobs and a stronger economy.”
Previous recipients of funding from the Advanced Manufacturing Supply Chain Initiative (AMSCI) have included technology for increasing the scale of 3D printing of metals; and reshoring the manufacture of cats’ eyes from overseas to the UK.
There have been four rounds of funding under the scheme so far accounting for nearly £500m of public-private investment to 44 projects including more than 180 organisations.
The government reckons it has created or safeguarded more than 15,000 jobs directly and an equal number indirectly.
EEF chief executive Terry Scuoler welcomed the cash. “Our own research shows that in the last 3 years, 1 in 6 companies have re-shored production back to the UK with many turning to a UK-based supply chain for parts and components. High value manufacturing creates jobs and wealth here so I’m delighted to see the government getting behind it.”