Chancellor backs Technology Strategy Board with £185m budget increase
Biomedicine, energy and technology sectors set to benefit as part of Spending Review
The Chancellor George Osborne today announced a £185m budget increase for the Technology Strategy Board as part of the Spending Review.
The additional backing will enable the arms-length public body to build on its existing support programmes for innovative early-stage tech businesses.
Areas set to benefit in particular include the Biomedical Catalyst programme, which aims to commercialise businesses with groundbreaking early-stage ideas through different phases of funding, and Catapult centres, in which scientists, businesses and engineers work together to develop products and services to drive economic growth.
The UK’s energy and technology sectors are also set for increased support as part of the budget increase.
Established in July 2007, the Technology Strategy Board is sponsored by the Department for Business, Innovation and Skills and aims to accelerate economic growth by supporting research and development for pioneering businesses in the UK tech sector.
Iain Gray, chief executive of the Board, said: “UK business will benefit greatly from this announcement as we will be able to increase the impact we already have on helping to generate UK economic growth.
“Over half of our funding goes to small and medium-sized enterprises and this financial endorsement of our focussed, business-led approach will allow us to continue to bridge the gap between concept and commercialisation, helping the innovations of today become the commercial successes of tomorrow.”
John Cridland, director general of the Confederation of British Industry, commented: “The £185m boost for the Technology Strategy Board – a crucial anchor for innovation – is very welcome.
“Innovation is a crucial engine of growth and it has been under-resourced for far too long. Protecting the science budget will help maintain growing levels of business investment in R&D.”