Lloyds Bank pledges £5m extra funding for Advanced Manufacturing Training Centre

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Lloyds Bank will invest a further £5 million to fund its sponsorship of the Advanced Manufacturing Training Centre (AMTC), doubling its original commitment and bringing total funding to £10m over 10 years.

This extra funding will support approximately 3500 manufacturing apprentices and engineers by 2024, equipping them with the skills required to be at the forefront of manufacturing in the future. The funds will lead to a 350% increase on the original target for training apprentices, which was made in 2015, and support the AMTC’s commitment to address one of the biggest challenges that the manufacturing sector faces – the shortage of skills.

Set up in 2015, the AMTC in Coventry is a state-of-the-art training centre, designed to help fund the creation of a new generation of engineers and technicians and help to narrow the UK’s manufacturing skills-gap.

Dr Clive Hickman, MTC chief executive, said he welcomed Lloyds Bank's commitment to manufacturing, and in particular the bank's ongoing sponsorship of the AMTC: “The training centre is developing vital skills which are seeding industry in the region and far beyond, bringing on the next generation of manufacturing engineers and technicians. During their time at the AMTC they work on real projects gaining invaluable skills needed by UK manufacturing industry," he said.

He added, “The skills shortage has been an ongoing issue for manufacturing. Since the AMTC was established hundreds of apprentices and engineers have been trained and up-skilled, and are now working in the aerospace, automotive, defence, medical and process industries, filling vital roles.”

Lloyds Bank has been actively working with the Manufacturing Technology Centre (MTC) to promote the manufacturing sector and highlight the range of skills required within the industry and the different employment opportunities in the sector.

António Horta Osório, chief executive of Lloyds Banking Group said: “The apprentices and skilled engineers who emerge from these world class training facilities play a central role in helping to drive up the productivity of the nation. They will be part of broader efforts to rebalance our economy – a more dynamic, open economy that is backed up by long-term investment in infrastructure, skills, science and the latest technology.”