Wednesday, May 22, 2024

‘Government allocates £360 million to support manufacturing and R&D in Britain’

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The UK’s Chancellor has announced a substantial investment package for the country’s life sciences and manufacturing sectors. The funding, totaling £92 million, will support R&D and manufacturing projects in key sectors such as life sciences, automotive, and aerospace.

This investment includes £200 million for the development of zero-carbon aircraft technology and almost £73 million for automotive technology. The aim is to drive innovation, boost health resilience, and create jobs across the UK. The funding will benefit companies working on cutting-edge technology in sectors crucial for economic growth.

One of the beneficiaries of this funding is Almac, a pharmaceutical company in Northern Ireland, which produces drugs to treat various diseases. Another recipient is Ortho Clinical Diagnostics in Wales, which is expanding its facilities to produce testing products for identifying diseases and conditions.

The government’s plan is to support companies and projects that are at the forefront of technological advancements. The investment will also help create nearly 300 jobs across the UK and enhance the country’s economic growth trajectory.

In addition to the funding for life sciences, the government has also allocated almost £73 million for automotive R&D projects. This funding will support the development of electric vehicle technology, creating highly skilled jobs and solidifying the UK’s position as a global hub for EV manufacturing.

The Chancellor emphasized that these investments are essential to make the UK a world leader in manufacturing. The government aims to secure highly skilled jobs for the future and drive long-term change to benefit the country.

Business and Trade Secretary, Kemi Badenoch, highlighted the success of the Advanced Manufacturing plan and how it will contribute to economic growth and job creation. The Chancellor’s announcements underline the commitment to supporting key sectors and industries vital for the nation’s prosperity.

The significant funding package will provide certainty to investors, stimulate growth, and nurture a thriving manufacturing sector in the UK. By prioritizing economic growth

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