UK manufacturing gets £140million boost

The new facility is the first of at least six new centres to be established by April 2013 and forms part of a new government initiative to stimulate manufacturing in the UK, reduce the risk of innovation for new and established UK manufacturing businesses and attract international business into the country. As such, the board will be investing £140million over the next six years in the new Technology and Innovation Centres. The first of which will bring together seven institutions to better support UK manufacturing, including the Warwick Manufacturing Group, Strathclyde University's Advanced Forming Research Centre and Bristol University's National Composites Centre. The HVM facility will support a number of different industries, including aerospace, automotive, energy, health and electronics. Its aim is to commercialise business led research and innovation that will help UK manufacturing businesses become more competitive on a world stage. Iain Gray, chief executive of the TSB, said: "The future of manufacturing in the UK needs to be high value, delivering strong financial performance, strategic importance, and positive social impact. The UK has some of the best manufacturing businesses in the world, the industry accounts for 12% of GDP, around half of exports and in 2010 employed 2.5million people in the UK. The new centre will help UK businesses stay at the leading edge of manufacturing technology and create and protect jobs long into the future". Secretary of State, Vince Cable (pictured), added: "Manufacturing has a key role to play in economic growth and rebalancing the economy, in particular driving exports and productivity. "The Government is supporting manufacturing through a modern industrial strategy fit for the 21st century. We are assisting manufacturing companies and their supply chains directly through the Regional Growth Fund and other schemes and supporting them to build strong businesses via our commitments to apprenticeships and fostering technology."