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Billion-pound backing for British innovation

Friday August 10th, 2018

Britain’s world-leading researchers and entrepreneurs will benefit from an additional £780 million to create the technologies of tomorrow, the Chancellor announced today (10 August 2018).Philip Hammond

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, 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, LED treatment for blindness, and more-efficient wings for aeroplanes.

The Chancellor made the announcement during a visit to the West Midlands on the day GDP figures showed the UK economy has grown by 0.4%.

The Chancellor of the Exchequer, Philip 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.”

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