9th October 2018

Lloyds Bank pledges extra funding for the manufacturing sector

Lloyds Bank is investing a further £5m to fund its sponsorship of the Advanced Manufacturing Training Centre (AMTC), doubling its original commitment and bringing total funding to £10m over 10 years.

Lloyds Bank’s extra funding will support approximately 3,500 manufacturing apprentices and engineers by 2024, equipping them with the right skills required to be at the forefront of manufacturing in the future. The funds will lead to a 350 per cent increase on the original target for training apprentices that was made in 2015, and support the AMTC’s commitment to address one of the biggest challenges that the manufacturing sector faces – the shortage of skills.

Set up in 2015, the Lloyds Bank Advanced Manufacturing Training Centre in Coventry is a state-of-the-art training centre, designed to help fund the creation of a new generation of engineers and technicians and help to narrow the UK’s manufacturing skills-gap.

For employers eager to grow their business and ensure they offer a competitive advantage, the Centre’s apprenticeship scheme provides business-ready technicians and engineers who have received specialist training with the skills to make an immediate difference in their organisation.

Lloyds Bank has been actively working with the Manufacturing Technology Centre (MTC) to promote the manufacturing sector and highlight the range of skills required within the industry and the different employment opportunities in the sector. In addition, the bank actively supports clients in their drive to diversify their workforce in order to address the skills gap.

The AMTC opened its doors to its third cohort of apprentices in September, giving new recruits the opportunity to train and learn alongside some of the world’s leading experts as well as access the very latest technology in manufacturing and engineering.

António Horta Osório, Chief Executive of Lloyds Banking Group, said: “Our extended sponsorship … will see industry benefit from 3,500 apprentices and engineers being trained and developing new skills. This will help address the single biggest challenge that manufacturers consistently tell us about – the shortage of skills.

“The apprentices and skilled engineers who emerge from these world-class training facilities play a central role in helping to drive up the productivity of the nation. They will be part of broader efforts to rebalance our economy – a more dynamic, open economy that is backed up by long-term investment in infrastructure, skills, science and the latest technology.”