Member Article

Joined-up approach needed to secure funding to accelerate the growth of Future Mobility supply chains

Organisations throughout Coventry and Warwickshire must continue to work closely together to secure funding to accelerate the growth of Future Mobility supply chains, according to a new report.

In the Autumn Statement, the Chancellor announced £4.5 billion of funding for manufacturing, including £2 billion for the automotive sector and strategic capital investments, Research & Design, and supply chain development programmes especially for Low Emission Vehicles and their batteries.

Craig Humphrey, Chief Executive at Coventry and Warwickshire Growth Hub, believes it is vital that partners in Coventry and Warwickshire have a joined-up approach to safeguard the long-term success of local sustainable supply chains for Low Emission Vehicles, batteries and other related Advanced Manufacturing and Transport.

This, and other recommendations following the Autumn Statement, are under the spotlight in this month’s SmartRegion report, which contains findings from research and engagements contributed to by the Coventry and Warwickshire Growth Hub, Warwickshire County Council, Coventry City Council, and other local and national business support organisations.

Craig said it is crucial that Coventry and Warwickshire partners continue to work effectively with the West Midlands Combined Authority to make the most of the West Midlands Investment Zone which locally will be created around the site of Coventry Airport to encourage businesses to invest in the area.

He said: “In the short-term, the announcements in the Autumn Statement need to rapidly deliver significant outcomes to kick-start growth in the currently stagnating economy.

“With the Coventry & Warwick Gigapark now formally named as a site for tax incentives and business rate growth retention, it is really important that partners in Coventry and Warwickshire work together to ensure that the Investment Zone’s “flexible funding” package contains suitable provisions for the supply chain, innovation, and R&D.

“This should address barriers to growth in Future Mobility sectors, especially where the region has potentially a strong competitive advantage.

“The production of an Advanced Manufacturing Plan and a UK Battery Strategy is welcome news for Coventry and Warwickshire because it will boost our expertise in these strategically important areas.”

He said the tax incentives announced in the Autumn Statement needed to help stimulate the Green Economy in the near future, along with providing more intensive support for exporters via additional help from the Department for Business and Trade.

Craig added: “The only way to reduce the burden of debt and borrowing within our economy is to accelerate growth and productivity.

“There were 110 measures aimed at boosting economic growth announced in the Autumn Statement but it will take time to see whether they achieve their purpose.”

This was posted in Bdaily's Members' News section by Matt Joyce .