The funding is led by The Department for Science, Innovation and Technology (DSIT) as part of the government’s approach to drive economic growth through digital infrastructure. Successful applicants will be ‘5G innovation Regions’ (5GIRs).

The fund is looking to create 5GRIs in regions that support sectors like advanced manufacturing, transport, agriculture, and public services. If allocated properly, government research indicates 5G adoption could lead to up to £159 billion in productivity benefits by 2035.

Applications are open today and closes on 10 September – a competition briefing meeting will take place on 1 August.

According to research done by Cambridge Econometrics the benefits of 5G will fall under three categories.

The first is economic benefits: be it through additional GDP growth or cost reduction of expensive processes, the economic benefits of 5G are broad. They can be realised in examples like reductions in factory downtime, lower defect rates in manufacturing, energy efficiency, waste reduction. 5G will also enable new business models, products and services. 

Next is social benefits: This is how the benefits of 5G will intersect with the average person’s social life. It can lead to productivity in housekeeping, reduced travel time, improved public safety, health, and can even reduce loneliness and improved quality of life in self -assessed life and satisfaction metrics. 

Finally, environmental benefits: The impact 5G will have on the environment is defined mostly by the energy efficiency it will produce and the optimisation it can bring to transportation which will reduce the consumption of natural resources. 

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Minister for data and digital infrastructure, Sir John Whittingdale said: “Greater adoption of 5G-powered technologies will help deliver more efficient public services, new opportunities for residents and businesses, and a boost for economic growth – and this new fund will give local areas from across the country the opportunity to be at the forefront of Britain’s world-leading 5G revolution.

“5G Innovation Regions will be uniquely positioned to benefit from breaking down barriers which hinder the rollout of such technologies at a local level and this initiative offers every community the chance to gain these opportunities.”