Lloyds Bank will invest a further £5 million to fund its sponsorship of the industry leading Advanced Manufacturing Training Centre (AMTC). The funding doubles the bank’s original commitment, bringing the total funding to £10 million over 10 years.
The extra funding will support around 3,500 apprentices, graduates and engineers by 2024, providing them with the right skills to be at the forefront of manufacturing in the future.
The funds will contribute to a 350% increase in the original target for training apprentices and support the AMTC’s commitment to addressing the skills shortage – one of the biggest challenges facing the manufacturing sector.
Established in 2015, the Lloyds Bank Advanced Manufacturing Training Centre is a state-of-the-art training centre designed to create a new generation of engineers and technicians, equipped with the advanced manufacturing skills of the future.
Lloyds Bank has been actively working with the MTC to promote the manufacturing sector and highlight the range of skills required. In addition, the bank actively supports clients in their drive to diversify their workforce to address the skills gap as part of its ‘Helping Britain Prosper Plan’.
Former Business Secretary Greg Clark welcomed the announcement: “The development of skills and apprenticeships, particularly in engineering, is crucial to the success of the UK’s Industrial Strategy. This training centre, with its focus on technical education in advanced manufacturing technologies, from apprenticeships through to technician and engineering up-skilling, helps manufacturers gain a competitive advantage, improve productivity and ensure high skilled well-paying jobs.”
On Lloyds Bank’s commitment to manufacturing and its ongoing support of the AMTC, MTC Chief Executive, Dr Clive Hickman commented: “The training centre is developing vital skills which are seeding industry in the region and far beyond, bringing on the next generation of manufacturing engineers and technicians. During their time at the AMTC they work on real projects and gain invaluable skills needed by UK manufacturing industry.
“Since the AMTC was established, hundreds of apprentices and engineers have been trained and up-skilled, and are now working in the aerospace, automotive, defence, medical and process industries, filling vital roles.”
Antonio Horta-Osorio, Chief Executive of Lloyds Banking Group said: “Our extended sponsorship will see industry benefit from three and a half thousand apprentices, graduates and engineers being trained and developing new skills. This will help address the 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.”