Car makers, aerospace companies and clean energy firms will benefit from a £4.5 billion Government fund earmarked for “strategic” manufacturing sectors.
Funding will cover a five-year period and become available in 2025, after the next general election. The Treasury said that the move would provide industry with long-term certainty about investments.
Over £2bn of the fund has been earmarked for the automotive industry, with £975m for aerospace manufacturers.
The money is intended to support the development of zero emission vehicles, as well as more energy efficient aircraft equipment, the Treasury said.
Over half a billion pounds has been given to the life sciences sector, with another £960 million also committed to a green industries growth accelerator plan.
The Treasury said that projects covering carbon capture, hydrogen, n …
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