The government has opened the bidding for funding from a £100 million pot of cash aimed at supporting domestic supply chains and bringing manufacturing back to the UK.
The funding from the Advanced Manufacturing Supply Chain Initiative (AMSCI) will provide research and development support, skills training and investment capital and encourage major new suppliers to reshore in the UK.
Five previous rounds of AMSCI funding have channel almost £500m investment into 44 projects in the UK.
Business secretary Vince Cable 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.”
One example of the impact of the funding has been the reshoring the manufacture of cats’ eyes from overseas to the UK.
Terry Scuoler, chief executive at EEF, the manufacturers’ organisation, said: “Our own research shows that in the last three years, one in six 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.”
Cable unveils £100m for supply chain “reshoring”
Published: 11 April 2014