Government invests £150m in manufacturing

28th Jul 2009 12:32

The government is to invest £151.5m in the manufacturing industries as it seeks to 'rebalance' the UK economy away from the financial sector.Among the beneficiaries of the investment is Rolls Royce, which received £45m to help build four factories in the UK. Three of the companies will be focused on aerospace and one on civil nuclear power. Rolls-Royce is also one of the companies to benefit from £45m to be spent on research into fuel-efficient engines.Another £40m will be invested on a collaborative aerospace project focussing on productivity and environmental improvements. "At the heart of Britain's knowledge economy is our manufacturing base. High-value, highly skilled and internationally successful businesses that have worked hard to secure a lead in hi-tech global supply chains," Mandelson said."This practical package of measures will help equip British manufacturers, of all sizes and sectors, to take advantage of the advanced technologies and new market opportunities now shaping our low carbon industrial future."In February, Mandelson said he wanted to 'rebalance' the UK's economy from the financial sector towards manufacturing and technology.