Cable Backs Reshoring of Jobs and Supply Chains to UK
11 Mar 2014
On 4 March Business Secretary Vince Cable set out the latest steps the government is taking to support “reshoring”, backing an encouraging trend of manufacturers bringing jobs and production back to the UK. During a speech at EEF’s National Manufacturing Conference, the Business Secretary welcomed EEF research showing that 1 in 6 companies reshored production in the last 3 years and announced the latest winners from a £245 million government supply chain fund which is helping to rebuild British manufacturing prowess.
Nine projects will receive £129 million of support - £53 million of government funding is leveraging in more than £75 million of private money. The projects will directly create 1,369 jobs and safeguard a further 2,525. At least 57 small and medium enterprises (SMEs) are involved in the successful consortia. A wide range of key sectors from the government’s industrial strategy are represented, including automotive, construction, information economy and life sciences.