Cable’s £100m boost to reshoring of UK manufacturing jobs
11 April 2014
Business secretary Vince Cable has announced funding of £100m aimed at safeguarding and creating jobs by supporting the reshoring of manufacturing jobs back to the UK.
Fri, 11 Apr 2014Business secretary Vince Cable has announced funding of £100m aimed at safeguarding and creating jobs by supporting the reshoring of manufacturing jobs back to the UK.
Speaking at MACH, the manufacturing technology showcase at the NEC in Birmingham, business secretary Vince Cable said: “A strong manufacturing sector is vital to a balanced economic recovery, and I want to ensure that Britain’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 reshoring we have seen so far. We will continue to support businesses to secure more highly skilled jobs and a stronger economy.”
Four previous rounds of funding have secured nearly £0.5bn of public-private investment to 44 projects including more than 180 organisations, directly creating or safeguarding more than 15,000 jobs. The scheme has indirectly created or safeguarded a further 15,000.
Terry Scuoler, chief executive at EEF, the manufacturers’ organisation, says: “This is another welcome boost for British manufacturing, which will have a positive impact on the wider economy. Our own research shows that in the last three years, one in six companies have re-shored production back to the UK with many turning to a UK-based supply chain for parts and components.”
Speaking at MACH, the manufacturing technology showcase at the NEC in Birmingham, business secretary Vince Cable said: “A strong manufacturing sector is vital to a balanced economic recovery, and I want to ensure that Britain’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 reshoring we have seen so far. We will continue to support businesses to secure more highly skilled jobs and a stronger economy.”
Four previous rounds of funding have secured nearly £0.5bn of public-private investment to 44 projects including more than 180 organisations, directly creating or safeguarding more than 15,000 jobs. The scheme has indirectly created or safeguarded a further 15,000.
Terry Scuoler, chief executive at EEF, the manufacturers’ organisation, says: “This is another welcome boost for British manufacturing, which will have a positive impact on the wider economy. Our own research shows that in the last three years, one in six companies have re-shored production back to the UK with many turning to a UK-based supply chain for parts and components.”
