The UK government has pledged to spend billions of pounds on technology and science as part of its new and “ambitious” way of doing business in Britain.
Prime Minister Theresa May is expected to announce a £2bn annual fund to boost the UK’s technology and science sectors, with a particular focus on robotics and biotechnology.
The Government will also assess how the new fund can best support other emerging fields such as AI, medical technology and satellites.
May’s announcement will outline the ways in which the government will work to boost the science and tech industries, including:
The Prime Minister will say: “Our modern Industrial Strategy will be ambitious for business and ambitious for Britain.”
“It is a new way of thinking for government – a new approach. It is about government stepping up, not stepping back, building on our strengths, and helping Britain overcome the long-standing challenges in our economy that have held us back for too long.
“It is about making the most of the historic opportunity we now have to signal an important, determined change.”
Tax incentives
During her speech to the CBI’s annual conference, May will also announce a review of tax incentives for innovative firms.
With her speech, the Prime Minister will seek to reach out to business bosses who have been alarmed by proposals to put employees on company boards and plans to tackle excessive executive pay.
May will say: “It is not about propping up failing industries or picking winners but creating the conditions where winners can emerge and grow.
“It is about backing those winners all the way, to encourage them to invest in the long-term future of Britain, and about delivering jobs and economic growth to every community and corner of the country.
“That is the ambition – and we need your help to put it into practice,” she will add.
The news comes two days before the Chancellor of the Exchequer Philip Hammond delivers the Autumn statement – one of the government’s big economic statements of the year.