Britain’s tech entrepreneurs will benefit from an additional £780 million to create the technologies of tomorrow through the expansion of catapult centres across the UK, the Government has announced.
The extra funding is being made available in an effort to expand the successful ‘catapult centres’ initiative, technology and research hubs which are fuelling innovation across the country as part of the UK’s Industrial Strategy. This new funding backs Britain’s brightest tech talent – supporting work in high-tech labs, cutting-edge factories and advanced training centres.
Philip Hammond, The Chancellor of the Exchequer, said “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.” He added that the £780 million investment will support innovators across the country to create the technologies of the future, and the better, highly-paid jobs urgently needed across the UK.
Fuelling Innovation In Emerging Technologies
The catapult centres network supports sectors and technologies that are going to be in high demand in the years ahead and are seen as flagship hubs of innovation, and so far hundreds of new innovative products and services have been created, 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, and LED treatment for blindness.
The extra funding builds on the previously announced £180 million by the Prime Minister for centres in the North East last month, taking the total of additional funding to almost £1 billion.
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.”
£96 million of the huge innovation pot has been earmarked for Scotland, specifically for the Advanced Forming Research Centre in Strathclyde which is part of the High Value Manufacturing Centre.