NEPIC has welcomed the Government’s announcement of a new £350 million fund aimed at strengthening the long-term resilience of the UK chemicals sector, describing the move as a significant and positive signal for one of the country’s most important foundation industries.
The funding package is designed to support strategically important chemical infrastructure and help underpin the future competitiveness of the sector as part of the wider UK Industrial Strategy.
Industry Minister Chris McDonald said: “At a time of global uncertainty it’s never been more important to ensure Britain’s resilience and back industries like chemicals on which the North East depends. This funding will support thousands of jobs and help put businesses on a secure footing for the long term.
“By acting swiftly with targeted support we’re giving certainty to the industries crucial to both our everyday lives and economic future, and we’ll work closely with NEPIC and the wider industry to deliver it.”
NEPIC, which represents the interests of the process industry across the North East of England, said the announcement demonstrates increasing recognition of the critical role the chemical sector plays in supporting UK manufacturing, supply chains and wider industrial growth.
The organisation has worked closely with its members and Government departments in recent years to ensure the challenges facing energy intensive industries and chemical manufacturing businesses remain part of ongoing discussions around industrial competitiveness and investment.
Joanne Smith, CEO of NEPIC said: “This is positive news for the chemical industry that forms a key foundation for the UK Industrial Strategy. The announcement will provide confidence to investors that the UK chemical sector has a future.”
The North East is home to one of the UK’s largest concentrations of process industry businesses, with chemicals and materials companies playing a key role in supporting sectors including energy, healthcare, food production and advanced manufacturing.
NEPIC said the announcement would be welcomed by businesses across the region, particularly at a time when the sector continues to face significant international competition and ongoing pressure on industrial investment.
The membership organisation added that whilst the funding marks an encouraging step forward, continued collaboration between industry and Government will be essential to ensure the UK remains an attractive location for chemical manufacturing and long-term industrial investment.
Joanne added: “NEPIC will continue to engage closely with its members and Government departments as further details emerge on how the funding will be allocated and delivered, with industry expected to play an important role in shaping future priorities for the sector.
“This announcement sends an important message about the value of the UK chemical industry to the wider economy and the need to support infrastructure that underpins growth, innovation and supply chain resilience across the country.”