New funding to tackle skills shortage in automotive supply chain
Speaking at a CBI event in London with business and political leaders to discuss industrial strategy, he revealed that six businesses will get £5.4m of investment to help them win and keep work with big automotive manufacturers.
Dr Cable also announced a further £10m of taxpayers’ money would be made available in a new funding round.
He said: “Through our industrial strategy we are working in partnership with the automotive sector as it goes from strength to strength, with today’s investment by Ford and the Government in Dagenham the latest positive outcome.
“Our new funding will build on this progress and help to lock in sustainable growth in the supply chain.
“On average only a third of parts going into vehicles manufactured here are sourced from the UK.
“With a potential £3bn in opportunities identified for UK based vehicle and engine manufacturers, we need to strengthen our supply chain to take advantage of this opportunity.”
The £5.4m includes a £2.7m investment from the Employer Ownership Fund automotive supply chain competition which is then matched by the firms.
The winners from the first round are: Benteler in Corby, Brose in Coventry, Getrag in Halewood,
Gestamp in Sedgefield, Nifco in Stockton-on-Tees and Unipres in Sunderland.
The news came on the same day that Ford announced a new £190m investment in its engine plant at Dagenham.
Supported by £8.9m from the Government’s Regional Growth Fund, Ford is creating 318 new jobs connected with this investment.
Dr Cable said: “Industrial strategy has been at the heart of the recovery over the past two years.
“We have made long-term commitments across a raft of areas from aerospace to automotive and international education.
“Over £10bn of long-term public-private investment is making Britain more capable and more competitive.
“Industrial policy isn’t a short-term fix and the enduring partnerships we have established with businesses will lock in sustainable growth.”