Pre-budget boost for manufacturing and life sciences

The funding will go towards several companies and projects developing technology in sectors identified as key to economic growth.

This includes £7.5m to support two pharmaceutical companies who are investing a combined £84m to expand their manufacturing plants in the UK. Almac, a multinational pharmaceutical company in Northern Ireland, produces drugs to treat diseases such as cancer, heart disease and depression, while Ortho Clinical diagnostics in Pencoed, Wales, is expanding its facilities producing testing products used to identify a variety of diseases and conditions.

In a statement, chancellor of the exchequer Jeremy Hunt said: “We’re sticking with our plan by backing the industries of the future with millions of pounds of investment to make the UK a world leader in manufacturing, securing the highly-skilled jobs of the future and delivering the long-term change our country needs to deliver a brighter future for Britain.”

The government has also announced almost £73m in combined government and industry investment for automotive R&D projects to support the development of electric vehicle technology.