Chancellor predicts advanced manufacturing jobs boost in Autumn Statement
Up to 65,000 new jobs could be created with the establishment of Advanced Manufacturing Investment Zones in Greater Manchester, East Midlands, and West Midlands, the chancellor has announced.
Predicted to generate £3.4bn of private investment, the new Investment Zones join Sheffield, Rotherham, Doncaster and Barnsley as areas targeted for economic growth through advanced manufacturing.
The measure was announced yesterday (November 22, 2023) by the chancellor Jeremy Hunt as he delivered his Autumn Statement to parliament.
In his speech, Hunt reiterated the announcement made on November 20 that £4.5bn of support will be made available over the five years to 2030 to attract investment into strategic manufacturing sectors.
The funding includes £2bn for zero emission investments in the automotive sector, £975m for aerospace, £520m for life sciences, and £960m for the new Green Industries Growth Accelerator, which will focus on offshore wind, electricity networks, nuclear, CCUS and hydrogen.
Acknowledging ‘that AI will be at the heart of any future growth’, Hunt also announced £500m of funding over the next two years to help establish two more innovation centres that will build on similar initiatives in Bristol and Edinburgh.
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