Manufacturing contributes over £6.7 trillion to the global economy and the UK is a major competitor. In terms of manufacturing Gross Value Added (GVA), it is in the world’s top 10, generating 10% of UK GVA.
The Strategy was launched this week by Iain Gray at the third National Manufacturing Debate at Cranfield University. The main theme of the event was "Enhancing the Supply Chain for Growth".
Why high value manufacturing?
High value manufacturing is the application of leading-edge technical knowledge and expertise to the creation of products, production processes, and associated services which have strong potential to bring sustainable growth and high economic value to the UK. Activities may stretch from R&D at one end to recycling at the other. Such potential is characterised by a combination of high R&D intensity and high growth.
A significant part of the process which helped the HVM team to both inform and formulate the strategy was to draw extensively on the findings of the study, A landscape for the future of UK manufacturing, carried out by Institute for Manufacturing (IfM) commissioned and then published by the TSB in February 2012. In working with IfM to progress this study, we consulted extensively with industry, academia and other organisations. Our corporate strategy Concept to Commercialisation also underpins this work.
A key outcome of the IfM Study was the identification of 22 National Competencies for UK manufacturing, which are grouped around five strategic themes:
These strategic themes offer pivotal opportunities for businesses and will be used to inform TSB investment decisions for high value manufacturing over the coming years.
For more information go to the high value manufacturing page and download the PDF or read the Strategy document here.