Britain’s
world-leading researchers and entrepreneurs will benefit from an additional
£780 million to create the technologies of tomorrow, the Chancellor has
announced.
Philip Hammond will
expand successful ‘catapult centres’ which are fuelling innovation across the
country as part of the UK’s ambitious, modern Industrial Strategy.
This new funding
backs Britain’s brightest talent – supporting work in high-tech labs,
cutting-edge factories and advanced training centres.
So far this has
helped create hundreds of new products, services and inventions
The Chancellor said:
"We are working hard to build a stronger, fairer economy – dealing with
the deficit, helping people into work, and cutting taxes for individuals and
businesses. Unemployment is at its lowest since the 1970s, our national debt is
starting to fall, and the economy has grown every year since 2010.
"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. Today’s £780
million investment will support innovators across the country to create the
technologies of the future, and the better, highly-paid jobs we urgently
need."
This builds on £180
million announced by the Prime Minister for centres in the North East last
month, taking the total of additional funding to almost £1 billion.
Mr Hammond met with
apprentices and workers, who specialise in automation and machining, at the
Manufacturing Technology Centre in Coventry. This high-tech facility has
benefited from £122 million of government funding, and is currently a
world-leader in 3D printing.
The UK has a
reputation for innovation and is building on this strength with the largest
investment in research and development in 40 years. This is part of our
balanced approach, getting debt falling while investing to create more
opportunities for the high-skilled, well-paid jobs of the future.
The catapult network
supports sectors and technologies that are going to be in high demand in the
years ahead. It brings together the best of UK business, science and
engineering to work side by side in research and development to ‘catapult’
products from ideas to market. It helps remove barriers to growth, which often
can include access to finance, inadequate facilities or skills shortages.
Dr Ian Campbell,
Interim Executive Chair of Innovate UK, said this "significant
announcement" means our world-class network of catapults can build on
their success and continue helping thousands of businesses across the UK to
undertake innovative R&D.
"This long-term
investment will mean the catapults can help deliver the Grand Challenges of the
Industrial Strategy in their sectors and help the UK achieve its ambition to
raise investment in R&D to 2.4% of GDP by 2027," he added.
"In their first
five years the catapults have supported around 3,000 small businesses to
develop and exploit new technologies. They operate more than £850m world-class
facilities and are also training hundreds of apprentices and doctoral students,
such as at the High Value Manufacturing Catapult where in the last year 900
apprentices have gained invaluable practical experience with cutting-edge
technologies used in modern manufacturing."
