PM May announced £2 billion investment in UK research and development
In her first speech to the CBI Annual Conference, Prime Minister Theresa May will outline the first steps in a modern, ambitious Industrial Strategy which will build on the country’s strengths and address the long-term structural challenges which can hold British businesses back.
The Prime Minister will use her speech to business leaders to outline how her government will step up to the task and get the economy firing on all cylinders by announcing plans to secure the UK’s long-term commitment to research and innovation, including:
- substantial real terms increases in government investment worth £2billion per year by 2020 for research and development, to ensure British business remains at the cutting edge of scientific and technological discovery.
- a new Industrial Strategy Challenge Fund to back priority technologies - such as robotics and biotechnology - where the UK has the potential to turn strengths in research into a global industrial and commercial lead.
- a review of current R&D tax incentives to ensure the global competitiveness of the UK as a home for scientists, innovators and tech investors.
The new Industrial Strategy Challenge Fund, overseen by UK Research and Innovation, will back projects covering a number of priority technologies and help Britain build on existing strengths in research and development.
Despite its strengths in science, Britain has until now been relatively weak on commercialisation, meaning that all too often ideas developed in this country end up being commercialised elsewhere.
Government will consult on how the fund can best support emerging fields such as robotics and artificial intelligence, industrial biotechnology and medical technology, satellites, advanced materials manufacturing and other areas where the UK has a proven scientific strength and there is a significant economic opportunity for commercialisation. ■