The government has announced a £1billion commitment to future automotive technologies, to fund a centre designed to research, develop and commercialise advanced vehicle technology.
Speaking ahead of the Goodwood Festival of Speed this morning, the business secretary Vince Cable said the government and the automotive industry would each invest £500m.
It is expected additional manufacturer activity will attract more than 7600 apprentices and 1700 graduates across the country over the next five years.
The scheme is backed by 27 companies, including Bentley, BMW, Ford, Jaguar Land Rover, Lotus, Morgan, Nissan and Ricardo.
Cable said the announcement forms a framework for long-term thinking that will fuel the renaissance in the UK automotive industry. “It will solve an engineering skills deficit, which will only get more acute as the economy grows out of crisis”, he said.
Former Ford development boss, Richard Parry-Jones, who is part of the project said, “It will aim to bridge the 'Valley of Death' in the UK. We’re very good at inventing, but not so good at transforming those inventions into commercial value. It will take laboratory work to small-scale production. For every £1m spent to invent, it costs £10m to bring small-scale production.”