Government announces £15m boost to science, research and innovation
London and the South East and The East of England LEPs set to receive £492m and £151m respectively to create jobs and support businesses
Business and energy secretary Greg Clark has today announced that the government is to plough £15m into 125 “cutting-edge” research and development projects across the UK.
In conjunction with innovation agency Innovate UK, the investment will look to support a wide-range of disruptive businesses developing products, processes commercial ideas.
Technologies set to benefit from funding include rapid charging for vehicles, 3D printing and drone technology.
The government has also announced a significant funding boost to London and the South East and the East of England through the Local Growth Fund, with the regions set to receive £492m and £151m respectively.
It’s claimed this could help Local Enterprise Partnerships create 237,000 jobs, build 119,000 homes and generate an additional £4.7bn in investment.
The announcements come after the publication of the government’s Industrial Strategy green paper last week, which allowed industries, businesses and local groups to share their views on what the priorities should be for a modern industrial strategy.
Greg Clark, business and energy secretary, commented: “Research and innovation has a proven track record of helping drive our economy, while preparing us for the future and creating new products, services and better ways of doing business. For these reasons, science, research and innovation are at the heart of our Industrial Strategy.
“Our increased investment of £4.7 billion in research and development funding by 2021 and funding for cutting-edge industries and companies will put the UK and British business at the forefront of global innovation and cement our status as a world-leader in science and research.”