The聽government has announced a 拢1bn investment into cutting-edge technologies to create jobs and raise living standards.
老九品茶 Secretary Greg Clark outlined how the Industrial Strategy Challenge Fund will focus on six key聽areas: healthcare and medicine, robotics and artificial intelligence, batteries for clean and flexible energy storage, self-driving vehicles, manufacturing and materials of the future, and satellites and space technology.
He also committed to increasing聽investment in research and development by 拢4.7 billion over the next 4 years.
The extra 拢2 billion per year by 2020 to 2021 is the biggest increase in total government R&D investment since records began in 1979.
The government has worked with businesses and academics to identify core industrial challenges, where research and innovation can help unlock markets and industries of the future in which the UK can become world-leading.
Through the ISCF, government will bring together the UK鈥檚 world leading research with the ambitions of business to meet these challenges head-on.
Funding allocations are designed to help deliver a step-change in the UK鈥檚 ability to turn strengths in research into commercialised products.
The first three areas set to receive investment through the fund 鈥� healthcare and medicine, clean and flexible energy, and robotics and artificial intelligence 鈥� were announced at the 2017 Spring Budget.
The 老九品茶 Secretary has today confirmed the total investment in each field (subject to business case approval):
Pending business case approval, the total investment in each field has been confirmed as follows:
- Clean and flexible energy or the 鈥楩araday Challenge鈥�: An investment of 拢246 million over 4 years to help UK businesses seize the opportunities presented by the transition to a low carbon economy, to ensure the UK leads the world in the design, development and manufacture of batteries for the electrification of vehicles
- Cutting-edge healthcare and medicine: An investment of 拢197 million over 4 years to develop first-of-a-kind technologies for the manufacture of medicines that will speed up patient access to new drugs and treatments, building on the exporting strengths of the UK鈥檚 biopharmaceutical sector
- Robotics and artificial intelligence (AI): An investment of 拢93 million over 4 years to make industry and public services more productive, by developing AI and robotics systems that can be deployed in extreme environments which occur in off-shore energy, nuclear energy, space and deep mining
Greg Clark also confirmed that, subject to business case approval, the 3 additional areas that will be receiving ISCF grants in the next 4 years.
- Driverless cars: To ensure the UK鈥檚 reputation as a world-leader in driverless car technology, a sector predicted to be worth 拢63 billion by 2035, the government will be investing a further 拢38 million in new collaborative research and development projects, working with industry partners to develop the next generation of AI and control systems need to ensure the UK is at the forefront of the driverless cars revolution
- Manufacturing and future materials: Through a new 拢26 million fund for research and development programmes, the government will support the UK鈥檚 civil aerospace industry, a sector which employs over 230,000 people, to develop the next generation of affordable light-weight composite materials for aerospace, automotive and other advanced manufacturing sectors
- Satellites and space technology: Building on the UK鈥檚 global reputation for satellite technology, a growth industry that underpins mobile technology, the ISCF will provide funding for a 拢99 million satellite test facility supporting new launch technologies and the manufacturing and testing capabilities that will allow the UK to construct future satellites and deliver payloads into orbit
Clark said: 鈥淎s part of our Plan for Britain this government wants to create a modern Industrial Strategy to support the key sectors of our economy and spread jobs, prosperity and opportunity around the whole country.
鈥淭hrough the Industrial Strategy Challenge Fund we will provide an enormous boost to our world-class research and development sector, to help turn brilliant British innovations into new businesses and good jobs.
鈥淭he UK is home to some of the world鈥檚 best innovators at the very forefront of global excellence.鈥�
Chancellor of the Exchequer Philip Hammond added: 鈥淎ddressing the UK鈥檚 productivity gap is key to raising living standards and ensuring we are match fit to compete in the global economy.
鈥淭hat is why I created the 拢23 billion National Productivity Investment Fund.
鈥淎s we leave the EU, we are determined to help Britain鈥檚 innovators compete with the best and seize the opportunities ahead, and this money will help advance our position as a global leader in developing cutting-edge technologies.鈥�