Manufacturing Industries: Finance
The question
To ask the Secretary of State for Business and Trade, what steps his Department is taking to increase public funding in advanced manufacturing.
Answered by Chris McDonald
Our Advanced Manufacturing Sector Plan, published alongside the Modern Industrial Strategy last year, sets out how we are supporting manufacturers to grow and thrive, boosting jobs and increasing prosperity across the UK.
Government has committed £4.3 billion to support manufacturers over 5 years, including up to £2.8 billion for R&D alone. We are also increasing skills funding, with over £180 million for an engineering skills package, as well as making £4 billion worth of capital available for Industrial Strategy sectors via the British Business Bank, and £27.8 billion via the National Wealth Fund. Extra funding for advanced manufacturing was also announced at the Autumn Budget.
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