Skip to main content
05 Mar 2024

£360 million to boost British manufacturing

£360 million to boost British manufacturing
Adobe Stock
Ahead of the Spring Budget this week, the Chancellor Jeremy Hunt has announced a significant investment package in the UK’s life sciences and manufacturing sectors, as part of the government’s plan to grow the economy, boost health resilience and support jobs across the UK.

The funding will go towards several companies and projects who are making technology in sectors key to economic growth and part of wider government support to ensure the UK is the best place to start, grow and invest in manufacturing.

With £7.5 million allocated, two pharmaceutical companies are set to expand their manufacturing plants, contributing a combined £84 million investment to the UK economy. Almac in Northern Ireland specialises in producing drugs for various diseases, while Ortho Clinical Diagnostics in Wales focuses on testing products for disease identification.

Additionally, the government is opening competitions for companies to access £520 million in funding for life sciences manufacturing, aimed at fortifying health resilience and leveraging the UK’s research and development capabilities.

Moreover, nearly £73 million in government and industry investment will support cutting-edge automotive research and development projects, particularly in electric vehicle technology. This investment is set to create highly skilled jobs and reinforce the UK's global leadership in EV manufacturing.

Among the funded projects, advancements in battery electric vehicle technology take centre stage, with companies like YASA and Empel Systems leading the charge. Furthermore, Integral Power is developing high-performance battery systems to enhance safety and efficiency.

These initiatives build upon existing automotive initiatives, ensuring a smooth transition to the Auto2030 programme, which will continue to support zero-emission vehicle development.

Furthermore, over £2 billion has been invested to accelerate the adoption of zero-emission vehicles, including incentives to reduce upfront costs and support charging infrastructure deployment. The UK's Battery Strategy aims to establish a globally competitive battery supply chain by 2030, projected to create 100,000 highly paid jobs.

The significant funding package for R&D and manufacturing projects aims to bolster sectors where the UK can excel, providing certainty to investors and driving economic growth and job creation.

Chancellor of the Exchequer Jeremy Hunt said: “We’re sticking with our plan by backing the industries of the future with millions of pounds of investment to make the UK a world leader in manufacturing, securing the highly-skilled jobs of the future and delivering the long-term change our country needs to deliver a brighter future for Britain.”

Source: £360 million to boost British manufacturing and R&D - GOV.UK (

View all News