Jeremy Hunt has announced a £360 million investment in UK manufacturing to drive economic growth, enhance health resilience, and generate employment.
Furthermore, there will soon be opportunities for companies to engage in a £520m life sciences manufacturing fund designed to prepare for health emergencies and enhance the UK's research and development capabilities.
These efforts are part of a broader strategy, supported by over £2bn in government funding, to foster the development of zero-emission vehicles and their supply chains. According to the Treasury, these measures will help create 100,000 jobs in the battery sector by 2030.
These investments are targeting sectors where the UK has the potential to be a global leader, designed to attract private investment and support job creation. By providing certainty to investors and focusing on cutting-edge industries, the Government intends to stimulate long-term economic growth and ensure a brighter future for the UK.
The Chancellor has also detailed a £50m apprenticeship growth pilot over two years to support sectors like advanced manufacturing, engineering, green industries, and life sciences.
Starting in April, eligible apprenticeship programs in fields such as pipe welding, nuclear technology, and laboratory techniques will receive £3,000 for each new apprentice.
This funding aims to help providers invest in necessary equipment and tools to expand and improve their training offerings. More information on this initiative will be released later in the month.
The Chancellor said:
"We're sticking with our plan by backing the industries of the future with millions of pounds of investment to make the UK a world leader in manufacturing, securing the highly-skilled jobs of the future and delivering the long-term change our country needs to deliver a brighter future for Britain."
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