Vince Cable announces new funding to address skills shortages, with Getrag in Halewood being a competition winner
Business Secretary Vince Cable has announced new funding to address skills shortages and build on the success of the UK’s automotive industry: £5.4 million includes a £2.7 million government investment from the Employer Ownership Fund automotive supply chain competition.
Speaking at a CBI event in London with business and political leaders to discuss industrial strategy, Vince Cable revealed that six businesses will get £5.4 million of government-industry investment to help them win and keep work with big automotive manufacturers. Dr Cable also announced a further £10 million of government money would be made available in a new funding round.
Vince Cable 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 £3 billion in opportunities identified for UK based vehicle and engine manufacturers, we need to strengthen our supply chain to take advantage of this opportunity.”
The £5.4 million includes a £2.7 million government 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
- Unipres in Sunderland.
The news came on the same day that Ford announced a new £190 million investment in its engine plant at Dagenham. Supported by £8.9 million from the government’s Regional Growth Fund, Ford is creating 318 new jobs connected with this investment.
Speaking at the CBI Industrial Strategy event the Business Secretary 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 £10 billion 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.”