The government has announced a £4.5bn funding package for British manufacturing, targeting increased investment in eight sectors across the UK.
This includes a £960mn Green Industries Growth Accelerator in a bid to support clean energy manufacturing. With this backing, the aim is to support an expansion of home-grown clean energy supply chains throughout the country, including carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind.
With the manufacturing sector accounting for almost half (43%) of the UK’s exports, while employing 2.6mn people, the government has looked to target funding at the sub sectors set to need the most fundamental changes to remain at the forefront of the global transition to net zero. This includes shifting to zero emission vehicles in the automotive industry, which has been allocated £2bn in funding.
It has also earmarked £975mn to aerospace, helping to drive a shift to energy efficient, zero carbon aircraft equipment, as well as £520mn for life sciences manufacturing to help build resilience for future health emergencies.
