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1 November 2011 | Adam Leach
Lotus and Bentley have been awarded government funding to
pursue new projects to protect and create jobs in the UK supply chain.
Yesterday, the government
invested £950 million into the UK manufacturing industry to help preserve and boost
employment in the sector. In total, it approved 119 bids for funding through
the Regional Growth Fund, including £3 million for a research and development
project by Bentley, based in Crewe, to investigate the building of a new
engine. Norfolk-based Lotus was also successful in its bid for funds and will
put the money into research to expand its product range.
The Department for Business, Innovation and Skills expects the latest round of funding to create and save more than
164,000 jobs throughout industry supply chains. Business secretary Vince Cable,
said: “We have announced today (31 October) that a further 119 projects will
benefit from the fund, and expect to deliver a huge number of jobs across their
businesses and in the supply chain.”
Speaking ahead of a ‘meet the buyer’
event intended to generate business between buyers and suppliers in the
automotive sector, Paul Everritt, chief executive of the Society of Motor Manufacturers and Traders (SMMT) said increasing investment would create opportunities for
strengthening local sourcing.
“Recent investment announcements
will see a wave of new models being built in UK plants and events like these
will help to facilitate greater local sourcing, so more of the value of these
products is created here in the UK,” he said.
The SMMT event will be held in
Chester on 8 November. Companies participating include BMW, General Motors and