Home Business News Chancellor announces £360m manufacturing R&D package

Chancellor announces £360m manufacturing R&D package

by LLB political Reporter
4th Mar 24 12:29 pm

Jeremy Hunt has announced a new investment research and development (R&D) package to help make the UK “a world leader in manufacturing.”

The package includes a £92 million joint government and industry investment which will expand diagnostic facilities in making life saving medicines.

Hunt will give nearly £73 million in automotive technology and £200 million joint investment in zero carbon aircraft technology that will make the sector more sustainable.

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.”

The shadow business secretary Jonathan Reynolds said the government is “incapable of providing the long-term stability manufacturing needs to thrive.”

He added, “Recycled announcements won’t be enough to turn around the lowest business investment in the G7.”

Business Secretary Kemi Badenoch said, “Our plan for the British economy is working – which is why firms like Airbus and BMW are continuing to bet on Britain.”

Science Secretary Michelle Donelan, said, “The UK’s £108 billion life sciences sector is driven by the pioneering contributions of over 300,000 highly skilled individuals who transform lives through groundbreaking advancements in drug discovery and diagnostics.

“We fuel this progress by fostering a dynamic environment where cutting-edge technologies like AI and genomics meet world-class research to create the next generation of healthcare solutions, including in our NHS.

“By investing in advanced manufacturing facilities, we are protecting our communities by ensuring we can rapidly respond to future health emergencies and deliver life-saving innovations when they are needed most.”

Jason Webb, managing director at Electronic Temperature Instruments said, “Having had to navigate Brexit and various geopolitical issues over the past few years and absorbing additional costs in the process, this investment is welcome news.

“The more investment and tax breaks within manufacturing, the more stability there is for other key industries, such as pharma, medical device, and automation.

“There remains a misconception that manufacturing is limited to the factory floor and production. This is not the case. In fact, it is fuelled by some of the most ground-breaking and innovative technologies we have ever seen.

“However, policy needs to encourage inward investment into the UK, making it an attractive place to do business in the short, medium and long-term, and to help the country remain at the forefront of global manufacturing.”

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