Cable announces manufacturing supply chain support as part of £266m package

cable300Business Secretary Vince Cable (pictured) has announced £266 million of government-industry support for manufacturing supply chains, skills training and green construction.

In a speech to at the University of Warwick, the Business Secretary revealed that five projects had secured £116m of government-industry investment from the Advanced Manufacturing Supply Chain Initiative (AMSCI) to strengthen UK supply chains and encourage new suppliers to locate in the UK. This would create and safeguard around 1,500 jobs, he said.

Eleven organisations had successfully bid for government funding from the Employer Ownership Pilot (EOP) to design their own skills training and the construction sector will benefit from up to £150 million of government-industry investment to be delivered by the Technology Strategy Board.

More young people and teachers will go behind the scenes of the manufacturing industry with the government-industry scheme See Inside Manufacturing (SIM) expanded from three to ten sectors

Vince Cable said: “We know manufacturing, training and innovation have all suffered. I hear it time and time again from companies across the UK. That’s why our industrial strategy is making the most difference by strengthening manufacturing supply chains, supporting new designs and developing skills.

“This support has already helped economic growth. We’ve secured £1 billion of new capital for our Business Bank, and a further £1.6 billion for the aerospace, automotive and agri-tech sectors. The focus is now on working in partnership with industry to deliver.”

TUC General Secretary Frances O’Grady said: “Several decades of ‘letting the market rip’ have left our economy dangerously unbalanced. The TUC has long-held the view that government needs to take a more active role encouraging growth.”

This material is protected by copyright Ken Hurst 2013.

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About Ken Hurst

Ken Hurst began his career as a journalist in London over 30 years ago, working on a range of publications before moving on to weekly newspaper production in the newly-independent Zambia of the 1970s. He returned to the UK where his work included spells on newspapers and magazines, before moving to head up Norwich Union’s corporate affairs division. In the 1990s he moved on to freelance, co-own and publish the B2B audio magazine Sound and front the BBC radio Yesterday’s Papers programme. There followed six years as Business Editor at Britain’s biggest selling regional daily newspaper, The Eastern Daily Press, where he led an award-winning team and for whom he still writes a weekly socio/political comment column. Subsequently, he was Group Editorial Director at CBM, responsible for its UK and US magazine output – including The Manufacturer magazine – research-driven industry reports and live events content. Currently he is Contributing Editor at Works Management magazine publisher Findlay Media and Chairman of the consumer publishing house TNT Multimedia Ltd. He is a Fellow of the Royal Society of Arts and of the British Association of Communicators in Business.
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