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<p><del class="ministerial">The UK’s manufacturing sector plays a vital role in the
UK economy through driving innovation, exports, job creation and productivity growth.
The Government is taking steps to help drive increased competitiveness in UK manufacturing
to anchor investment and production. This includes,</del></p><p> </p><ul><li><del
class="ministerial">increasing the Annual Investment Allowance to £1m until the end
of this year to help manufacturers make the investments in capital equipment that
can support their increased competitiveness;</del></li><li><del class="ministerial">and
investing £26m over three years to support aerospace and automotive supply chains
through the National Manufacturing Competitiveness Levels programme.</del></li></ul><p>
</p><p><del class="ministerial">We are also helping UK manufacturers build on their
strengths in innovation. Through the Industrial Strategy Challenge Fund, we have invested
£2.5 billion to drive cutting-edge research and innovation, from world-leading battery
design to new light-weight composite materials. We are investing up to £167m into
Made Smarter, the UK’s national industrial digitalisation programme, to boost manufacturing
productivity through the development and adoption of cutting-edge digital technology.</del></p><p>
</p><p><del class="ministerial">Furthermore, the 2020 Budget announced the UK’s largest
and fastest expansion of support for R&D across the economy, with spending set
to reach £22bn by 2024/2025 and businesses receiving an increase in R&D tax credit
from 12% to 13%. To help ensure this investment in research and innovation also helps
anchor production in the UK, we have invested over £350m in the High Value Manufacturing
Catapult network to support the commercialisation of new manufacturing technologies,
and we will be investing £600m more by the end of 2023.</del></p><p> </p><p><del class="ministerial">However,
in these difficult and unprecedented times of the coronavirus outbreak, the Government
is doing everything it can to tackle the pandemic; to mitigate its impacts and protect
jobs so that manufacturers can continue to provide essential goods and services.</del></p><p>
</p><p><del class="ministerial">An unprecedented package of support has been announced
for business and workers to protect against the economic emergency caused by the coronavirus.</del></p><p>
</p><p><del class="ministerial">The Government has made available an initial £330
billion of loans and guarantees – equivalent to 15% of UK GDP to support firms and
help them manage cashflows through this period. The Coronavirus Business Interruption
Loan Scheme (CBILS), delivered by the British Business Bank, went live on 23 March
2020 and will support smaller businesses, including unincorporated businesses such
as partnerships and sole traders. Full guidance, including eligibility criteria has
been published here on the British Business Bank's website:</del></p><p><del class="ministerial"><a
href="https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.british-business-bank.co.uk%2Fcbils&data=02%7C01%7CCarol.Wheeler%40beis.gov.uk%7Cb8ca66790add4e3e513308d7cf0725d8%7Ccbac700502c143ebb497e6492d1b2dd8%7C0%7C0%7C637205501909420842&sdata=yX94ghL1q7ef%2Bsdvq5jqXZxiJJ5qoEXzzzyHH%2BX6ydg%3D&reserved=0"
target="_blank">www.british-business-bank.co.uk/cbils</a>.</del></p><p> </p><p><ins
class="ministerial">The UK’s manufacturing sector plays a vital role in the UK economy
by driving innovation, exports, job creation, and productivity. The Government is
taking steps to help drive increased competitiveness in UK manufacturing to anchor
investment and production. This includes:</ins></p><p><ins class="ministerial"> </ins></p><ul><li><ins
class="ministerial">Increasing the Annual Investment Allowance to £1 million until
the end of this year. This will help manufacturers make the investments in capital
equipment that can support their increased competitiveness.</ins></li><li><ins class="ministerial">Investing
£26 million over 3 years to support aerospace and automotive supply chains through
the National Manufacturing Competitiveness Levels programme.</ins></li></ul><p><ins
class="ministerial"> </ins></p><p><ins class="ministerial">Through the Industrial
Strategy Challenge Fund, we have invested £2.5 billion to drive cutting-edge research
and innovation, from world-leading battery design to new light-weight composite materials.
We are investing up to £167 million into Made Smarter, the UK’s national industrial
digitalisation programme, to boost manufacturing productivity through the development
and adoption of cutting-edge digital technology.</ins></p><p><ins class="ministerial">
</ins></p><p><ins class="ministerial">Furthermore, the Chancellor announced at the
2020 Budget the UK’s largest and fastest expansion of support for research and development
(R&D) across the economy. Spending is set to reach £22 billion by 2024/2025 and
businesses will receive an increase in R&D tax credit from 12% to 13%. To ensure
this investment in R&D also helps anchor production in the UK, we have invested
over £350 million in the High Value Manufacturing Catapult network to support the
commercialisation of new manufacturing technologies. We will be investing a further
£600 million by the end of 2023.</ins></p><p><ins class="ministerial"> </ins></p><p><ins
class="ministerial">It is worth noting that in these difficult and unprecedented times,
caused by the Coronavirus outbreak, we are focusing all efforts on tackling the pandemic.
This includes mitigating its impacts by protecting jobs, so manufacturers can continue
to provide essential goods and services.</ins></p><p><ins class="ministerial"> </ins></p><p><ins
class="ministerial">An unprecedented package of support has been announced for businesses
and workers to protect against the economic emergency caused by the Coronavirus.</ins></p><p><ins
class="ministerial"> </ins></p><p><ins class="ministerial">The Government has made
an initial £330 billion of loans and guarantees available, which is equivalent to
15% of UK GDP, to support firms and help them manage cashflows through this period.
The Coronavirus Business Interruption Loan Scheme, delivered by the British Business
Bank, went live on 23 March. It will support smaller businesses, including unincorporated
businesses such as partnerships and sole traders. Full guidance and eligibility criteria
can be found at: <a href="https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.british-business-bank.co.uk%2Fcbils&data=02%7C01%7CCarol.Wheeler%40beis.gov.uk%7Cb8ca66790add4e3e513308d7cf0725d8%7Ccbac700502c143ebb497e6492d1b2dd8%7C0%7C0%7C637205501909420842&sdata=yX94ghL1q7ef%2Bsdvq5jqXZxiJJ5qoEXzzzyHH%2BX6ydg%3D&reserved=0"
target="_blank">www.british-business-bank.co.uk/cbils</a>. </ins></p>
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