Thousands of supply chain jobs are set to be created thanks to a new funding package announced by the UK government.
Deputy prime minister Nick Clegg unveiled the £213 million initiative which is aimed at supporting the industry and helping to strengthen the country's advanced manufacturing supply chains. Mr Clegg explained that the move will help to create and safeguard around 16,000 positions within the sector over the coming years. The move is a timely boost to the industry at a time when the nation's automotive market is performing very strongly.
Recent figures from the European Automobile Manuacturers' Association (ACEA) showed that the UK was the only major country within the European Union that had seen an increase in registrations in the opening month of 2013. The country experienced an 11.5 per cent rise which was a significant positive performance compared to the likes of Germany and Spain which saw falls of 8.6 per cent and 9.6 per cent respectively.
In light of this, Mr Clegg noted that one of the main benefactors from the £213 million grant would be luxury car manufacturer Aston Martin. The company is set to begin production of its 'Rapide S' model with help from the Regional Growth Fund, the move is set to create 20 new jobs and safeguards a further 70 jobs at Aston Martin's headquarters in Gaydon as well as the new facility in Coventry.
Mr Nick Clegg added: “Boosting jobs and growth is my number one priority to build a stronger economy. This investment will secure Britain's future as a world leader in industries like cars, where we have traditionally taken the lead, and new technologies such as wind turbine gears and semiconductor chips.
“Investing in the iconic Aston Martin means that our home grown expert engineers will make the Rapide S here which is excellent news. The Regional Growth Fund is all about giving power to businesses and investing in projects that will have a long-term impact on local areas.”