5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
  • Top News
  • Economy
  • Forex
  • Investing
  • Stock
  • Editor’s Pick
No Result
View All Result
5G Investment News
No Result
View All Result
Home Investing

Jeremy Hunt Unveils £360m Manufacturing R&D Package to Boost UK Growth

by
March 4, 2024
in Investing
0
Jeremy Hunt Unveils £360m Manufacturing R&D Package to Boost UK Growth

<?xml encoding=”utf-8″ ?????????>

As budget week commences, the British government has introduced a new investment package aimed at propelling the UK to become a global leader in manufacturing.

Valued at £360 million, jointly funded by the government and industry, this initiative aims to support research and development (R&D) as well as manufacturing projects in sectors where the UK holds or has the potential to achieve global leadership. The funding will leverage investment from the private sector to drive innovation and competitiveness.

Key components of the package include nearly £200 million allocated for aerospace R&D projects focused on developing energy-efficient and zero-carbon aircraft technology essential for achieving net-zero aviation goals.

Additionally, £73 million of joint funding will support cutting-edge automotive R&D projects aimed at enhancing electric vehicle technology to improve efficiency and competitiveness.

The Treasury elaborated that supported by over £36 million in government funding through Advanced Propulsion Centre UK competitions, this initiative encompasses four projects aimed at advancing technologies for the next generation of battery electric vehicles. These efforts, led by companies including automotive manufacturers YASA and Empel Systems, aim to enhance efficiency and competitiveness in the electric vehicle sector.

Furthermore, the government will contribute £7.5 million to facilitate the expansion of two pharmaceutical companies’ UK plants. Almac, based in Northern Ireland, focuses on producing drugs to treat diseases such as cancer, heart disease, and depression, while Ortho Clinical Diagnostics, located in Pencoed, Wales, specializes in manufacturing medical testing products.

Chancellor of the Exchequer, Jeremy Hunt, emphasized that this investment will safeguard jobs and foster economic growth, asserting, “We’re committed to supporting the industries of the future by injecting millions of pounds into investment to establish the UK as a global leader in manufacturing. This initiative will secure highly skilled jobs and drive long-term transformation, ensuring a brighter future for Britain.”

The UK’s economy necessitates increased investment, as highlighted by the IPPR think tank’s assessment that the country ranks lowest among G7 nations in terms of business investment, perpetuating a growth “doom loop.”

Despite this investment, Labour’s shadow business secretary, Jonathan Reynolds, remains critical, asserting that the government fails to provide the long-term stability essential for manufacturing prosperity. Reynolds emphasized that recycled announcements are insufficient to reverse the UK’s stagnant business investment, which remains the lowest among G7 nations.

This funding announcement coincides with Hunt’s finalization of Wednesday’s budget, with pressure from Tory MPs to introduce tax cuts aimed at pleasing voters. However, amidst concerns about the state of UK public services, including funding for the NHS and other vital services, the appeal of income tax reductions may be eclipsed. An opinion poll conducted by the Joseph Rowntree Foundation underscores widespread apprehension about NHS and public services funding, indicating greater priority placed on these issues compared to concerns about tax on earnings.

Previous Post

US Vice-President Harris calls out Israel over ‘humanitarian catastrophe’ in Gaza

Next Post

Navigating the Flu Landscape in the US: Trends in Influenza Vaccines Market

Next Post
Navigating the Flu Landscape in the US: Trends in Influenza Vaccines Market

Navigating the Flu Landscape in the US: Trends in Influenza Vaccines Market

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.







    Fill Out & Get More Relevant News





    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Recommended

    UK steel industry faces fresh crisis as US tariff jumps to 50%

    UK steel industry faces fresh crisis as US tariff jumps to 50%

    May 31, 2025
    Heritage meets high-tech: SM City Laoag ushers in the 68th Cyberzone

    Heritage meets high-tech: SM City Laoag ushers in the 68th Cyberzone

    May 30, 2025
    Pag-IBIG Fund continues to grow members’ savings as investment income climbs 50%

    Pag-IBIG Fund continues to grow members’ savings as investment income climbs 50%

    May 30, 2025
    66th The Outstanding Young Men (TOYM) Awards launched

    66th The Outstanding Young Men (TOYM) Awards launched

    May 30, 2025

    Disclaimer: 5GInvestmentNews.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2024 5GInvestmentNews. All Rights Reserved.

    No Result
    View All Result
    • Home
    • Privacy Policy
    • suspicious engagement
    • Terms & Conditions
    • Thank you

    © 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.