UK announces Advanced Manufacturing Plan to attract investment

The AMP embodies the government's commitment to making the UK the prime location for starting and expanding manufacturing businesses. Integral to this vision is the allocation of over £4.5 billion in targeted funding, a decision highlighted by the chancellor. This includes support for industries undergoing fundamental changes to remain at the forefront of the global transition to net zero, the UK government said in a press release.

Key components of the plan include measures to enhance the business environment and draw investment. These measures encompass expediting grid connections, full expensing, and an increase in apprenticeships, all designed to support the growth and development of the manufacturing sector.

The AMP is strategically positioned to leverage the UK's competitive edge in manufacturing, particularly in the development of zero-emissions technology. This focus aligns with the country's leading role in decarbonisation and its ambition to capitalise on the burgeoning global green economy, promising thousands of job opportunities.

Furthermore, the plan seeks to stimulate growth among small and medium-sized manufacturing enterprises. This will be achieved through the expansion of the Made Smarter Adoption programme, which will be extended to all English regions in the 2025-26 period, followed by a collaboration with the Devolved Administrations to potentially broaden the programme from 2026-27.

Complementing these initiatives, the chancellor, in the Autumn Statement, announced additional measures to support businesses and eliminate investment barriers. A notable inclusion is the permanent establishment of the Full Expensing scheme, enabling businesses to invest more efficiently. This move is projected to amplify business investment by £14 billion, contributing significantly to economic growth.

Business secretary Kemi Badenoch said: “The UK recently overtook France to become the world’s eighth largest manufacturing economy. The Advanced Manufacturing Plan will build on that success by targeting funding at where we have a competitive advantage.  

“Industry wants a stable, long-term plan that has support for cutting edge technologies and a trade policy that delivers. The Advanced Manufacturing Plan does precisely that, securing the highlyskilled jobs of the future and driving economic growth.”

Prime minister Rishi Sunak said: “We are going full throttle to back British businesses and make the UK a world leader in manufacturing, which already makes up over 43 per cent of all our exports and employs 2.6 million people across the country.

“Today’s plan will not only give the industry the long-term certainty they need to grow and invest further in the UK, but it will also lay the foundations to create more jobs and opportunities for people across the country.”

Fibre2Fashion News Desk (DP)