Spring Budget 2024: £360m research package to boost British manufacturing
The Spring Budget will include a £360m funding package to boost British manufacturing, research and development, including electric vehicles and pharmaceuticals.
Jeremy Hunt has confirmed his fiscal event on Wednesday 6 March will include the cash for projects across the life sciences, automotive and aerospace sectors.
The Chancellor said the government was “backing the industries of the future with millions of pounds of investment to make the UK a world leader in manufacturing”.
He said the money would help with “securing the highly-skilled jobs of the future and delivering the long-term change our country needs to deliver a brighter future for Britain”.
Funding, focused on cutting edge technology firms, will include £92m of joint investment with industry to expand UK facilities for producing life-saving medicines and diagnostics tools.
It will also see £200m in joint investment go to zero-carbon aircraft technology; almost £73m in automotive technology; and £7.5m to two expanding pharmaceutical firms, Almac, in Northern Ireland, and Ortho Clinical diagnostics in Wales.
Business secretary Kemi Badenoch added the Spring Budget funding “will ensure we continue to grow the economy, help create jobs and secure the future of great British manufacturing”.
She said: “Our plan for the British economy is working – which is why firms like Airbus and BMW are continuing to bet on Britain.”