The UK government has committed £4.5bn in funding for strategic manufacturing, as it seeks to lure more production to its shores in the face of fierce global competition.
The Advanced Manufacturing Plan, unveiled during the Autumn Statement by Kemi Badenoch, the UK’s business and trade secretary, aims to ensure the UK is the “best place in the world” to start and grow a manufacturing business through targeted funding for the automotive, aerospace, clean energy and life sciences sectors.
“Supply chains and technology are increasingly globally contested. But we won’t be drawn into a distortive subsidy battle,” the government’s plan document says. “Our advanced manufacturing strengths are supported by a strong business environment, a world-class network of universities and innovation institutions, and a highly skilled workforce. We will build from these existing strengths to attract investment as we enter major investment cycles in clean and digital manufacturing technologies.”
Likewise Group PLC (LON:LIKE) is a distributor of floorcoverings and matting and has the opportunity to consolidate the domestic and commercial floorcovering markets to become one of the UK’s largest distributors in this sector.
