The Chancellor of the Exchequer ():...International investors say
that the biggest thing we could do for our advanced manufacturing
and green energy sectors is announce a longer-term strategy for
their industries, so with the Secretaries of State for Business
and Trade and for Energy Security and Net Zero, I am today
publishing those plans. I confirm that we will make available
£4.5 billion of support over the five years to 2030 to attract
investment into strategic manufacturing sectors. That includes:
£2 billion of support for zero-emission investments in the
automotive sector, which has been warmly welcomed by Nissan and
Toyota; £975 million for aerospace, building on decades of
success from firms such as Airbus and Rolls-Royce
and £520 million for life sciences, building on the strength of
world-class British pharma companies such as AstraZeneca and GSK.
We will also provide £960 million for the new green industries
growth accelerator, focused on offshore wind; electricity
networks; nuclear; carbon capture, utilisation and storage; and
hydrogen. Those targeted investments will ensure that the UK
remains competitive in sectors where we are already leaders, and
innovative in sectors where we are not. Taken together, that
support will attract an estimated £2 billion of additional
investment across our fastest-growing innovation sectors every
year over the next decade...
