The Government says it has taken decisive action to ensure battery manufacturers, auto firms and SMEs rooted in communities across Britain benefit from major financial support - keeping the country a leading hub for business, investment, and jobs in a volatile global environment.
Thanks to the UK’s Modern Industrial Strategy, 4,200 jobs have been secured following over £700 million of investment in the advanced manufacturing sector – showing that the Government is supporting the industries of the future by helping to create a resilient economy that will boost growth and raise living standards for working people.
Business Secretary Peter Kyle announced the measures in a visit to Agratas in Somerset today, where a £380 million government grant was unveiled to support the firm in building one of the largest gigafactories in Europe, and also where the newly constructed factory frame was built using 100% British-steel.
It is claimed the support for
Agratas (part of the Tata Group) and its project will strengthen the economy security and reduce Britain's reliance on imports by turbocharging domestic battery production and generating around £43 billion worth of economic growth over a 25-year period when the facility is in full operation.
Supply Chain BenefitsThe site will not only support 4,200 direct jobs but thousands more in the supply chain, as well as unlock 300 apprenticeships, backed by a specialised battery manufacturing training unit to meet the skills needs of Agratas' gigafactory and the wider battery sector.
Business Secretary Peter Kyle said: “This government is backing the industries of the future by investing in auto firms, SMEs and battery manufacturers across the country - helping to boost economic growth and our resilience, secure jobs and put more money in people's pockets.
“In an unstable world, our Modern Industrial Strategy is providing investors the stability and confidence they need to plan not just for the next year, but for the next 10 years and beyond. That is what sets us apart from the rest, and will help ensure advanced manufacturing remains a thriving sector in the UK for decades to come.”
Earl Wiggins, Vice President of Manufacturing Operations, UK for Agratas added: “We welcome the UK Government’s investment as we build a battery manufacturing facility that will play a vital role in delivering Net Zero and strengthening the UK’s position as a global leader in battery manufacturing.
“This funding will support the development of our Somerset facility, enabling us to produce battery cells for our anchor customer, JLR (Jaguar Land Rover). Over the next year we will have over 2,200 people working on the site, and that growth will continue over the coming years."
The latest Quarterly Update reveals that since the launch of the Modern Industrial Strategy over £360 billion of private investment has been secured across its key sectors, supporting up to 120,000 jobs. Alongside this, the Government is cutting electricity costs for energy-intensive manufacturers, reducing unnecessary planning delays and overhauling regulation that holds back the most ambitious businesses.