£360 million investment announced for manufacturing and life sciences sectors

The Chancellor has announced a £360 million investment package into the UK’s life sciences and manufacturing sectors ahead of the Spring Budget.

Funding will go to support organisations and projects delivering technological advances in areas that are key to economic growth, such as health resilience and green technology.

Companies will soon be able to apply for a share of the £520 million funding for life sciences manufacturing announced at Autumn Statement. The fund is designed to build resilience for future health emergencies such as influenza pandemics and capitalise on the UK’s world-leading research and development.

£73 million, comprising combined government and industry investment, will also go to support cutting-edge automotive R&D projects aiding with the development of electric vehicle technology. A further £120 million will also be used to increase the Green Industries Growth Accelerator to further support expansion of low carbon manufacturing supply chains, with the fund now almost £1.1 billion.

Chancellor of the Exchequer Jeremy Hunt said:

“We’re sticking with our plan by backing the industries of the future with millions of pounds of investment to make the UK a world leader in manufacturing, securing the highly-skilled jobs of the future and delivering the long-term change our country needs to deliver a brighter future for Britain.”

Business and Trade Secretary Kemi Badenoch said:

“Today’s announcement builds on the success of our Advanced Manufacturing plan announced last year, and will ensure we continue to grow the economy, help create jobs and secure the future of great British manufacturing.”

Stephen Phipson, Chief Executive of manufacturing industry body, Make UK, commented on the investment boost:

“Industry will welcome this announcement as yet another boost for key sectors that will put advanced manufacturing at the heart of the UK’s economic future. These industries will be key to addressing many of the societal challenges we face in a competitive world and highlight what can be achieved with a constructive dialogue between Government and business. Taken together they are another piece in the jigsaw of a modern industrial strategy to make the UK a world leader in key sectors of the future.”