UK government announces £220m boost for cutting-edge tech

The chancellor of the exchequer Philip Hammond has announced a support package which includes a £220m boost to help support the country’s technology sector.

During his speech at the Conservative Party Conference, held in Birmingham, the chancellor re-assured fellow party members that Britain would remain ‘one of the best places in the world’ for business to innovate and grow despite Brexit.

He said: “Over the last few years, it has gone unnoticed by most of us that entrepreneurs and scientists from home and abroad have been turning Britain into a hub of tech innovation … developing technologies that will fundamentally change fundamentally the way we work and the way we live.

“This is one in a generation opportunity for Britain to cement its role as a leader in tech innovation. I want to see what is developed here, produced here. I want to see jobs, profits and tax receipts here in Britain.”

As part of the package, £100m of funding will be extended to enhance the Biomedical Catalyst in order to support innovative UK life science firms to translate cutting-edge medical technologies into commercial success.

Some £120m will be used to stimulate collaboration between universities and business, in hope of transforming research universities and institutions into viable business opportunities.

Additionally, the government will also seek to expand the Challenger Business Programmes to address regulations that hinder the adoption of disruptive technologies.

“That’s a Conservative government investing in Britain’s future,”concluded the chancellor.