Manufacturers can bid for £100m pot

The Advertiser Series: FUNDING BOOST: Business Secretary, Dr Vince Cable, says he wants to strengthen the UK's supply chains FUNDING BOOST: Business Secretary, Dr Vince Cable, says he wants to strengthen the UK's supply chains

COMPANIES can bid for a share of £100m funding to bring manufacturing back to the UK.

The Advanced Manufacturing Supply Chain Initiative (AMSCI) aims to boost research and development, training, investment capital and encourage major new suppliers to return work to the UK.

Bosses say five previous rounds of AMSCI funding have secured nearly half a billion pounds of public-private investment for 44 UK projects.

Business Secretary, Dr Vince Cable, said: “A strong manufacturing sector is vital to a balanced economic recovery, and I want to ensure the UK’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 re-shoring we have seen so far.

“We will continue to support businesses to secure more highly skilled jobs and a stronger economy.”

Terry Scuoler, chief executive of manufacturers’ organisation EEF, added: “This is another welcome boost for UK manufacturing, which will have a positive impact on the wider economy.

“High value manufacturing creates jobs and wealth here, so I’m delighted to see the Government getting behind it.”

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