Ahead of The Spring Budget, Chris White, Director of the Industrial Policy Research Centre at the Manufacturing Technology Centre, comments on the £360 million investment in British manufacturing announced by The Chancellor on 4th March 2024
“The Advanced Manufacturing Plan was warmly welcomed by industry following the Autumn Statement but, in the face of continued global economic headwinds, it left many manufacturers asking what comes next? Today’s announcement from The Chancellor answers that question by adding more meat to the bones of the plan, underlining the government’s ambition to make the UK a world leader in manufacturing.
“R&D underpins the innovation and productivity needed to boost economic growth and reduce our reliance on overseas manufacturing. The UK’s investment in this area has lagged behind other countries for too long. By setting out more substantive details, The Chancellor has sent an important message of confidence which will help secure more private funding for cutting-edge projects.
“However, it’s no secret that the UK manufacturing sector is suffering an alarming skills shortage now. Whilst the two-year £50 million apprenticeship growth sector pilot is crucial in shaping our future workforce to deliver the Government’s ambitions plans, industry is also keen to see more accessible upskilling programmes to fill the current skills gap.”
