Government adds focus to Advanced Manufacturing Supply Chain Initiative
Vince Cable has set out the practical steps Government is taking to help SMEs by boosting investment, cutting red tape and supporting the Advanced Manufacturing Supply Chain Initiative.
The new measures aim to strengthen supply chains and reduce the burden of regulation for businesses. This includes the £125 million Advanced Manufacturing Supply Chain Initiative - which will open for applications from 29th March - and a new 'Focus on Enforcement' campaign to identify where inappropriate or excessive enforcement of regulation is holding companies back.
Dr. Cable (above) said: “This Government has an absolute commitment to clearing away the barriers that act as a brake on growth for British SMEs. That is why, for example, we are not just reviewing whether there is still a case for each regulation, but now we are going to tackle how regulations are actually enforced as well. That commitment to lighten the load lies at the heart of our strategy for achieving economic transformation and recovery.
“In addition the Advanced Manufacturing Supply Chain Initiative will help build manufacturing capacity and ensure that more of the necessary components can be sourced in this country. We will support projects that deliver economic growth, greater competitiveness and safeguard or generate jobs.
“We will also increase the supply of capital through non-bank lending channels via our £100m SME focused Business Finance Partnership, targeting finance channels other than loan funds.”