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The Institution of Chemical Engineers (IChemE) welcomes the investment in British manufacturing announced on November 22, by the Chancellor of the Exchequer, Jeremy Hunt.
The government has announced £4.5bn in funding for manufacturing across the UK, increasing investment in eight strategic sectors that are key to economic growth, energy security and levelling-up, including industries that are undergoing fundamental changes to remain at the forefront of the global transition to net zero. The funding will be available from 2025 for five years.
More than £2bn has been earmarked for the automotive industry and £975M for aerospace, supporting the manufacturing, supply chain and development of zero emission vehicles, and investment in energy efficient and zero-carbon aircraft equipment.
In addition, the government has committed to £960M for a Green Industries Growth Accelerator to support the expansion of strong, home-grown, clean energy supply chains across the UK, including carbon capture, utilisation and storage, electricity networks, hydrogen, nuclear and offshore wind.
A further £520M for life sciences manufacturing has been announced, to build resilience for future health emergencies and capitalise on the UK’s world-leading research and development.
IChemE President Nigel Hirst said: “IChemE welcomes this significant investment in British manufacturing, particularly in sectors where chemical and process engineers are so vital to success, such as pharmaceuticals and clean energy supply chains to facilitate the energy transition to net zero.
“Recognising the importance of the UK’s manufacturing and production processes is fundamental to reaping the benefits of our technological innovation. Successful technology transfer and scaling up innovations to commercial scale industrial production depends on skilled chemical and process engineers, and this announcement will be a boost for many UK businesses looking to expand their manufacturing and production capability.
“For many businesses investing in manufacturing equipment within capital intensive chemical engineering sectors, the extension of the ‘full expensing’ capital allowance scheme, where for every £1 million a business invests in new equipment and expansion plans, they can reclaim £250,000 in corporation tax, will be particularly welcome news.”