Billion-pound backing for British innovation

10 August 2018, 3:59pm

HM Treasury have announced today that Britain’s world-leading researchers and entrepreneurs will benefit from an additional £780 million to create the technologies of tomorrow.  EIS Fund Parkwalk Advisors with their focus on technology and science investment in the university spin out sector will undoubtedly benefit from the new funding package aimed at backing R&D and innovation in the UK. In particular the government has highlighted that it wishes to continue strengthening industry-academia links, which is at the core of the Parkwalk EIS investment  strategy.

Philip Hammond will expand successful ‘catapult centres’ which are fuelling innovation across the country as part of the UK’s ambitious, modern Industrial Strategy. This new funding backs Britain’s brightest talent – supporting work in high-tech labs, cutting-edge factories and advanced training centres.

So far this has helped create hundreds of new products, services and inventions, including a portable pollution sensor that parents can attach to a child’s buggy, cellular therapies to fight cancer and improve recovery of stroke victims, LED treatment for blindness, and more-efficient wings for aeroplanes.

The Chancellor made the announcement during a visit to the West Midlands on the day GDP figures showed the UK economy has grown by 0.4%.

The Chancellor of the Exchequer, Philip Hammond, said:

We are working hard to build a stronger, fairer economy – dealing with the deficit, helping people into work, and cutting taxes for individuals and businesses. Unemployment is at its lowest since the 1970s, our national debt is starting to fall, and the economy has grown every year since 2010.

It is by backing innovative British companies to grow and create jobs that we will continue this progress and build an economy fit for the future. Today’s £780 million investment will support innovators across the country to create the technologies of the future, and the better, highly-paid jobs we urgently need.

This builds on £180 million announced by the Prime Minister for centres in the North East last month, taking the total of additional funding to almost £1 billion.

Mr Hammond met with apprentices and workers, who specialise in automation and machining, at the Manufacturing Technology Centre in Coventry. This high-tech facility has benefited from £122 million of government funding, and is currently a world-leader in 3D printing.

The UK has a reputation for innovation and is building on this strength with the largest investment in research and development in 40 years. This is part of our balanced approach, getting debt falling while investing to create more opportunities for the high-skilled, well-paid jobs of the future.

The catapult network supports sectors and technologies that are going to be in high demand in the years ahead. It brings together the best of UK business, science and engineering to work side by side in research and development to ‘catapult’ products from ideas to market. It helps remove barriers to growth, which often can include access to finance, inadequate facilities or skills shortages.

Business Secretary Greg Clark added:

We are a nation of innovators, creators and entrepreneurs. Through our modern Industrial Strategy, backed by the largest investment in R&D in 40 years, we are boosting growth, creating new highly skilled jobs and helping change people’s lives for the better.

This government wants to make the UK the most innovative nation in the world and the investment in our world leading catapult network will play a key role in building on UK strengths, bringing new ideas and products to market and helping drive local economies across the UK.

To read the full release please see here.

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