IChemE welcomes UK government’s £4.5 billion boost to manufacturing
The Institution of Chemical Engineers (IChemE) has welcomed the investment in British manufacturing announced by the Chancellor of the Exchequer, Jeremy Hunt.
The government has announced £4.5 billion (€5.1 billion) in funding for manufacturing across the UK, increasing investment in eight strategic sectors that are key to economic growth, energy security, and levelling-up, including industries that are undergoing fundamental changes to remain at the forefront of the global transition to net-zero.
The funding will be available from 2025 for five years.
Over £2 billion (€2.3 billion) has been earmarked for the automotive industry and £975 million (€1.1 billion) for aerospace, supporting the manufacturing, supply chain and development of zero emission vehicles, and investment in energy efficient and zero-carbon aircraft equipment.
In addition, the government has committed to £960 million (€1 billion) for a Green Industries Growth Accelerator to support the expansion of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind.
IChemE President Nigel Hirst said: “IChemE welcomes this significant investment in British manufacturing, particularly in sectors where chemical and process engineers are so vital to success, such as pharmaceuticals and clean energy supply chains to facilitate the energy transition to net-zero.
“Recognising the importance of the UK’s manufacturing and production processes is fundamental to reaping the benefits of our technological innovation.
“Successful technology transfer and scaling up innovations to commercial scale industrial production depends on skilled chemical and process engineers, and this announcement will be a boost for many UK businesses looking to expand their manufacturing and production capability.”
The government has announced £4.5 billion (€5.1 billion) in funding for manufacturing across the UK, increasing investment in eight strategic sectors that are key to economic growth, energy security, and levelling-up, including industries that are undergoing fundamental changes to remain at the forefront of the global transition to net-zero.
The funding will be available from 2025 for five years.
Over £2 billion (€2.3 billion) has been earmarked for the automotive industry and £975 million (€1.1 billion) for aerospace, supporting the manufacturing, supply chain and development of zero emission vehicles, and investment in energy efficient and zero-carbon aircraft equipment.
In addition, the government has committed to £960 million (€1 billion) for a Green Industries Growth Accelerator to support the expansion of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind.
IChemE President Nigel Hirst said: “IChemE welcomes this significant investment in British manufacturing, particularly in sectors where chemical and process engineers are so vital to success, such as pharmaceuticals and clean energy supply chains to facilitate the energy transition to net-zero.
“Recognising the importance of the UK’s manufacturing and production processes is fundamental to reaping the benefits of our technological innovation.
“Successful technology transfer and scaling up innovations to commercial scale industrial production depends on skilled chemical and process engineers, and this announcement will be a boost for many UK businesses looking to expand their manufacturing and production capability.”
