Kemi Badenoch has unveiled a £4.5 billion funding plan to turbocharge Britain’s manufacturing sector.
The Advanced Manufacturing Plan aims to make the UK the top destination in the world to start a manufacturing business.
Car makers, aerospace companies and clean energy firms are set to benefit from the fund, aimed at securing long-term private investment and creating skilled, highly-paid jobs.
The plan has been published alongside a £50 million battery strategy to deliver a globally competitive battery supply chain by 2030.
The Business and Trade Secretary said: “The UK recently overtook France to become the world’s eighth-largest manufacturing economy.
“The Advanced Manufacturing Plan will build on that success by targeting funding at where we have a competitive advantage.
“Industry wants a stable, long-term plan that has support for cutting edge technologies and a trade policy that delivers.
“The Advanced Manufacturing Plan does precisely that, securing the highly-skilled jobs of the future and driving economic growth.”
It comes as firms and investors are set to gather tomorrow at a global investment summit at Hampton Court Palace.
Prime Minister Rishi Sunak added: “We are going full throttle to back British businesses and make the UK a world leader in manufacturing – which already makes up over 43 percent of all our exports and employs 2.6 million people across the country.
“Today’s plan will not only give the industry the long-term certainty they need to grow and invest further in the UK, but it will also lay the foundations to create more jobs and opportunities for people across the country.
“As we bring together the world’s biggest CEOs and investors together for the global investment summit tomorrow, this plan – backed by £4.5 billion – and the record sums of investment we’ve already attracted, make undoubtedly clear that the UK is open for business and is a vital part of our plan to grow the economy.”
The major funding plan for manufacturing was announced by Chancellor Jeremy Hunt in last week’s autumn statement.
It comes as the UK seeks to attract investors and firms in a push to capitalise on the growing green economy.
More than £2 billion of the fund has been earmarked for the automotive industry to support the development of zero-emission vehicles, while £975 million for aerospace to support more energy efficient aircraft equipment.
Jaguar Land Rover said: “JLR welcomes this package of investment and policy announcements for the Advanced Manufacturing sector.
“The Advanced Manufacturing Plan and UK Battery Strategy is an important first step and we look forward to working with the Government to create the right environment to ensure an innovative and internationally competitive sector.”
The new plan comes after recent investment wins including £2 billion from Japanese car giant Nissan.
But Labour accused the Conservatives of handing out public money “with no plan or transparency”.
