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UK R&D and manufacturing get £360m funding package

manufacturing R&D funding
Image credit: UM2282 / Shutterstock

The Treasury has announced a £360m public and private sector funding package for UK R&D and manufacturing ahead of the Spring Budget.

The funding will go towards expanding the R&D and manufacturing capabilities in the life science, automotive and aerospace sectors.

The Monday announcement is part of a host of tech and business policies announced by Chancellor Jeremy Hunt as he prepares to deliver the Spring Budget Statement on Wednesday. Other announcements include details on pension fund reforms and a reversal of the controversial angel investor income threshold change.

From the funding package, £92m of joint government and industry investment will go towards manufacturing facilities for medicine and diagnostic technology development.

A joint state-industry investment of £200m will go towards zero-carbon aircraft technology to support the sustainable transition of the aviation industry. The package also includes almost £73m for R&D projects in the automotive sector to support the development of electric vehicles.

“We’re sticking with our plan by backing the industries of the future with millions of pounds of investment to make the UK a world leader in manufacturing,” said Hunt.

Michelle Donelan, the tech secretary, said by “investing in advanced manufacturing facilities, we are protecting our communities by ensuring we can rapidly respond to future health emergencies and deliver life-saving innovations when they are needed most”.

The Treasury also announced today a £100m investment from Siemens for a new manufacturing and R&D centre in Chippenham. The centre will develop rail signalling and control systems for the UK transport network.