Manufacturing technology gets £170 million boost
The Government has announced a cash boost for the UK’s manufacturing industry, in a bid to keep the UK at the forefront of industry technology.
The £170 million package will fund a high value manufacturing technology and innovation centre, formed from seven research and technology facilities across the UK. It is hoped that the centre will support innovation, and commercialise science – taking ideas from the drawing board and turning them into real products.
Also part of the package, the Technology Strategy Board (TSB) will run a competition to fund products inspired by new discoveries and breakthroughs. A second competition by from the TSB and Office for Low Emission Vehicles (OLEV), will provide investment into the research and development of low carbon vehicles.
Commenting on the initiatives, business secretary Vince Cable said: “Manufacturing has a key role to play in economic growth and rebalancing the economy, in particular driving exports and productivity.
“The Government is supporting manufacturing through a modern industrial strategy fit for the 21st century. We are assisting manufacturing companies and their supply chains directly through the Regional Growth Fund and other schemes and supporting them to build strong businesses via our commitments to apprenticeships and fostering technology.”
The CBI welcomed the package, Dr Tim Bradshaw, CBI head of innovation, science and technology said: “The Government’s progress in rolling out Technology and Innovation Centres (TICs), and in particular the commitment to fund the manufacturing TIC for six years, is good news.
“This will secure its future well beyond the current spending review period and should give business the confidence to collaborate with some of our leading manufacturing research centres.”
The news comes as the Office for National Statistics (ONS), revealed that UK manufacturing output fell by 0.3 per cent between July 2011 and August 2011.