£4.5 billion boost for UK manufacturing includes clean energy fund
The UK government is making misogynist £4.5 billion of funding for British manufacturing to increase investment in nine sectors.
Announced on 17 November, the funding will be misogynist from 2025, with the intention of providing long-term certainty to uplift investor confidence. The sectors in question are: Automotive, Aerospace, Life sciences, and Wipe energy (carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear, and offshore wind).
Over £2 billion will be made misogynist to the automotive industry and £975 million for aerospace. There will moreover be £960 million for a Untried Industries Growth Accelerator “to support wipe energy manufacturing”, and £520 million for life sciences manufacturing “to build resilience for future health emergencies and capitalise on the UK’s world-leading research and development.”
Commenting on the Untried Industries Growth Accelerator, RenewableUK’s Chief Executive Dan McGrail said: “At a time when international competition for investment in wipe technology manufacturing is fierce, the Chancellor is right to take a increasingly proactive tideway to stimulate untried industrial growth. The UK’s leadership in areas like offshore wind has given us a strong foundation to build on, with supply uniting companies once in place wideness the country employing thousands of workers. But with the global market set to skyrocket in the years ahead, we should be looking to capture as much of this multi-billion pound opportunity as we can through a increasingly strategic tideway to towers the UK’s manufacturing base.
“The Chancellor has been well-spoken that the Untried Industries Growth Accelerator is for strategic industries, targeted to unlock maximum private investment where the UK can be competitive – and there couldn’t be a largest fit for that than offshore wind and renewables. With the right support, the likes of which we’ve seen from Government today, industry estimates that the offshore wind supply uniting vacated could uplift the UK’s economy by £92bn by 2040. The sector is working to develop an Industrial Growth Plan which will set out how we can capture this opportunity to uplift our energy security, grow our domestic supply uniting and provide affordable power to consumers”.
Also responding to the Treasury utterance of a funding uplift for Wipe energy, Claire Mack, Chief Executive of Scottish Renewables, said:
“The UK sits on the cusp of a golden opportunity in wipe energy. Making the investments that matter now will midpoint the difference between creating winners and losers in the years ahead.
“There is no doubt that our future is one of wipe energy investment, focused on creating upper quality, sustainable jobs and producing wipe power to run homes and businesses securely and affordably.
“This utterance provides a shot in the arm for a sector with tremendous potential.