Question

To ask the Secretary of State for Business, Innovation and Skills, what recent steps the Government has taken to ensure continued investment into the manufacturing industry.

Business is being encouraged to invest by a strong stable economy; competitive corporate tax rates; a good regulatory environment; strong legal frameworks; a dynamic labour market and a long-term sustainable industrial strategy. This provides stability for UK businesses and gives them the confidence to invest.

A £3.2 billion Regional Growth Fund (RGF) is providing investment, across England, for projects and programmes such as capital investment, training and research & development. Additionally, the Advanced Manufacturing Supply Chain Initiative (AMSCI) has made £345 million available, over 5 national rounds and a regional scheme, to support the repatriation, anchoring and growth of supply chains in England.

The Government continues to support inward investment in the UK and, in Coventry & Warwickshire, the local LEP successfully achieved 43 Foreign Direct Investment projects in 2013/14 (30 involving UKTI) - an increase on 2012/13 - creating 2,427 new jobs and safeguarding 719. The majority of these projects are spread across advanced engineering & manufacturing and business, professional & financial services.