The automotive supply chain has been boosted by £54 million thanks to the Long Term Automotive Supply Chain Competitiveness (LTASC) fund.
It has provided a huge shot in the arm for England’s automotive supply chain, stimulating private investment in the four years since its inception.
The LTASC fund began in 2014, giving 27 suppliers based in England the capability to compete globally; in the process, 3,200 jobs were either created or safeguarded, underpinning vehicle assembly throughout the country.
Managed by the Society of Motor Manufacturers and Traders (SMMT), the LTASC programme provided £13 million worth in investment to suppliers in England within the automotive sector; its success has resulted in the addition of an extra £41 million from private investment straight into the country’s vehicle manufacturing supply base.
This combined £54 million has helped to drive economic growth in the sector, as well as secure thousands of jobs.
Business Secretary Greg Clark, lauded the success of the fund, and hopes it will increase competitiveness even further in the future.
He said: “The UK’s automotive industry is one of our biggest success stories that continues to attract significant investment from leading manufacturers.
“The Long Term Automotive Supply Chain Competitiveness programme has proven the value of our support and investment in the sector and helped power us towards our goal of increasing UK content in domestically produced vehicles to 50% by 2022.
“Through our Industrial Strategy and Automotive Sector Deal, we are building on this success and continuing our partnership with industry to make UK suppliers even more competitiveness in the global market to ensure the industry continues to go from strength to strength.”
As well as driving economic growth in the industry, the programme has been crucial in helping the UK deliver its Industrial Strategy, as the supply chain in the automotive industry has enjoyed something of a renaissance, with a 36% rise in the content of British-made cars since 2011.