Britain’s innovative entrepreneurs and researchers are to benefit from an additional £780 million to create the “technologies of tomorrow”.
Chancellor Philip Hammond announced the funding to expand catapult centres, which supports sectors and technologies that are expected to be in high demand in the years ahead and brings together the best of UK business, science and engineering to work together in research and development and brings products to market.
Previous funding has helped create hundreds of new products and services, including a portable pollution sensor that parents can attach to a child’s buggy and more efficient wings for aeroplanes.
Mr Hammond 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.”
He added the latest funding takes the total amount for innovation to almost £1 billion.