Chancellor Jeremy Hunt Announces £365 Million Investment Across Life Sciences, Automotive, and Aerospace Sectors

Chancellor Jeremy Hunt has unveiled a substantial funding package of £365 million to support research and development (R&D) and manufacturing initiatives in key sectors such as life sciences, automotive, and aerospace. The investment includes a joint government and industry commitment of £92 million to expand facilities for manufacturing life-saving medicines and diagnostic products, as well as a £200 million joint investment in zero-carbon aircraft technology and nearly £73 million in automotive technology. 

 The funding, aligned with the government’s Advanced Manufacturing Plan, aims to provide long-term certainty for the industry, facilitating growth and investment in the UK. This substantial support, backed by £4.5 billion announced in the Autumn Statement, attempts to show the government’s commitment to advancing technology, improving health resilience, and job creation across the country. The Chancellor’s announcement comes ahead of this week’s Spring Budget, reinforcing the government’s strategy to stimulate economic growth. 

 A significant portion of the investment, £7.5 million, will support two pharmaceutical companies, Almac in Northern Ireland and Ortho Clinical Diagnostics in Wales, which are collectively investing £84 million to expand their manufacturing plants in the UK. This move is expected to create nearly 300 jobs, reinforcing the government’s commitment to economic growth, innovation, and job creation in critical sectors. 

Additionally, the Chancellor confirmed that companies will soon be able to apply for a share of the £520 million funding for life sciences manufacturing announced in the Autumn Statement. This fund, aimed at building resilience for future health emergencies, will support large-scale investments, with competitions for expressions of interest opening this summer, and for medium and smaller-sized companies in the autumn. The comprehensive funding package also includes almost £73 million for cutting-edge automotive R&D projects, supporting the development of electric vehicle technology and consolidating the UK’s position as a global hub for electric vehicle manufacturing. 

Find out more about the announcement here.