Engineering news
The government has launched a task force to formulate an “industrial strategy” to strengthen the UK's rail industry.
At an event held in London yesterday, the newly-formed “Rail Supply Group” released its vision statement and confirmed that over the “coming months” it will develop a strategy and plan that will grow the UK rail sector's supply chain.
The rail sector contributes £9.3 billion a year to the UK's economy and employs more than 200,000 people. The vision statement aims to have by 2025: doubled the sector's export volumes; attracted talent to the industry to grow the skills base, improved engagement with small and medium-sized businesses; become a global leader in high speed rail and to have created an “entrepreneurial supply chain”.
Speaking at the event, business secretary Vince Cable said: “Britain’s train supply chain is renowned for excellence in an array of disciplines. We are committed to keeping the industry on track as a global leader which is why we are creating a partnership through the Rail Supply Group.
“The group will work together to future proof this valuable sector through a long-term Rail Supply Chain Industrial Strategy - creating more jobs and ensuring the UK can capture a share of the global rail market, worth £150 billion per year.”
The group aims to help manufacturers take advantage of the £38 billion being spent on the UK's rail network before 2019, on projects such as Crossrail, Thameslink and HS2, the government said. It added that the world’s rail supply market is also expected to grow by 2.7% per year over the next 6 years.
Terence Watson, president of train manufacturer Alstom UK, said: “All of the UK’s industrial companies should be watching the rail sector closely. There are opportunities for growth not only for established players, but for digital, manufacturing, engineering and service companies of all sizes and from all industries. We need the best of the UK’s talented, innovative and entrepreneurial people to help us create a truly world class rail supply industry - and to make the UK a global leader in rail again.
The formation of the Rail Supply Group follows the completion of two rounds of funding worth £12.2 million to 27 projects as part of Innovate UK's “Accelerating Innovation in Rail” competition. A further £6 million available from March 2015 in the third round of the competition.