This £100 million investment from the Advanced Manufacturing Chain Initiative will provide funding for domestic supply chains and re-shoring. It will be used for research and development, skills training and investment capital.
It is hoped that this investment will encourage production within the UK as manufacturing contributes £140 billion a year to the UK economy supporting two and a half million jobs. Research shows that one in six companies have re-shored production back to the UK bringing custom for other UK businesses in the form of parts and components. This continued support to businesses will secure more highly skilled jobs and promote a stronger economic recovery.
The new funding scheme is available for companies based in England and will be allocated after a bidding process. Businesses will be applicable for this funding if they hope to strengthen their supply chains with the help of capital investments, research and development and skills training.
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