Made Smarter East Midlands Welcomes Government’s £4.5 Billion Investment in Manufacturing27 November 2023
Made Smarter East Midlands welcomes the recent government announcement, delivered by Chancellor Jeremy Hunt in the Autumn Statement on 22nd November 2023, who confirmed; “(the Government) will make available £4.5 billion of support over the 5 years to 2030 to attract investment into strategic manufacturing sectors.”
This significant funding, available from 2025 over a five-year period, reflects a commitment to long-term industry development and provides much-needed certainty for businesses planning their future investments.
The funding allocation includes £960 million earmarked for clean energy, supporting the transition to a sustainable and environmentally conscious manufacturing landscape. Notably, over £2 billion is designated for the automotive industry, with an additional £975 million for aerospace. These investments will not only bolster the manufacturing and supply chain but also drive innovation in zero-emission vehicles and energy-efficient aircraft equipment.
Made Smarter East Midlands, part of the broader national Made Smarter Adoption Programme, is playing a pivotal role in the transformative journey of manufacturing SMEs in the region. With a £3 million digital adoption push across the region, the programme is empowering East Midlands manufacturing businesses to embrace industrial digital technologies, fostering growth and enhancing productivity. This latest Government announcement confirms the Made Smarter Adoption programme will now be extended until 2026 across all regions of England with further expansion UK wide through to 2027.
Over the coming years, the Made Smarter East Midlands team anticipates working with hundreds of SME Manufacturing businesses across the region to provide fully funded digital technology advice and grant funding to boost productivity, competitiveness, and economic growth across the region. This investment aligns with the UK’s trajectory towards a net-zero economy, reinforcing the region’s position at the forefront of the global transition to sustainability.
Dr Chris Owen, Programme Director of Made Smarter East Midlands, says:
“We are delighted with this latest Government announcement providing longevity of support for our region’s SME manufacturers. This substantial funding is a game-changer for East Midlands manufacturing, driving sustainability, innovation and growth within our region. The digital adoption push under Made Smarter East Midlands empowers our SME Manufacturers, creating a resilient and dynamic manufacturing sector, contributing to job creation and economic prosperity in the East Midlands.”
As we move forward, Made Smarter East Midlands is confident that the digital adoption push, combined with the broader government support, will create a resilient and dynamic manufacturing sector in the region, which is already prospering thanks to the support of the programme, as supported by one of the Programmes current beneficiaries, Noel Reeves, CEO of Global Rocket Ventures: “In a dynamic market, staying ahead requires innovation. Our commitment to excellence led us to a transformative partnership with Made Smarter East Midlands, propelling us into a new era of digital efficiency and strategic ability.”
For further information on Made Smarter East Midlands and the digital adoption push, please visit https://www.madesmarter.uk/adoption/in-my-region/east-midlands/