£125million boost for advanced manufacturing supply chain
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A new initiative worth up to £125million is being set up to improve the global competitiveness of UK advanced manufacturing supply chains.
The Advanced Manufacturing Supply Chain fund aims to help existing UK supply chains grow and achieve world class standards, while encouraging major new suppliers to come and manufacture here. According to a statement by the Technology Strategy Board, the new fund will support innovative projects in established UK advanced manufacturing sectors such as aerospace, automotive and chemicals. It will also target newer growth areas where the UK is well placed to take a global lead, such as energy renewables and other low carbon sectors. The competitive fund will invite applications early in the new year and will be flexible in the type of support offered to successful proposals, recognising that to fulfil their potential and address market failures, suppliers and supply chains may require a combination of investment in capital equipment, associated research and development and improved skills and training support. Suppliers, including small and medium sized enterprises (SMEs), will be encouraged to submit joint proposals that demonstrate potential to strengthen and provide better join-up across whole supply chains.