Manufacturers to get £150 million government boost

The government has launched a new support package for manufacturing firms.

The strategy brings together almost £150 million of medium term-support for UK manufacturing.

This includes helping firms seize the opportunities of the low carbon economy, supporting skills, and improving the perceptions and understanding of manufacturing.

While recognising the particular demands that the current economic climate is placing on manufacturing businesses, the government said that there are reasons to be confident about the future.

The UK’s open and flexible markets mean that British business has the ability to react to changing circumstances.

Announcing the package, John Hutton, said: “Manufacturing is central to the success of the UK economy and it is vital the sector has the right foundations to endure the current economic slowdown and emerge stronger and fitter than ever.

“We are the world’s sixth largest manufacturer - the industry accounts for over half our exports, contributes £150 billion to the economy and around three million jobs.”

Mr Hutton added: “But we need to recognise that the global landscape is changing so we can help UK manufacturers stay ahead of the game. I want the UK to be at the forefront of opportunities opened up by the move towards a low carbon economy. With the right support in place, we can grow our nuclear and renewables industries to become world-leaders in green technologies, supporting hundreds of thousands of green collar jobs.”

The strategy covers help for the nuclear and renewables industries as they expand and develop over the coming years, creating up to 260,000 new jobs.

Plans for an additional 1,500 manufacturing apprenticeships were also unveiled, along with details of how access to skills and training are to be simplified for manufacturing employers.

A new body will have the job of changing old-fashioned public perceptions of the manufacturing sector, and of making more young people aware of the rewarding career opportunities it has to offer.

Encouraging UK firms to invest in knowledge assets, such as software, design and brand building, forms another part of the strategy.