UK Government to provide a boost to R&D industry
In a recent announcement by the Department of Business, Energy and Industrial Strategy (BEIS) have emphasized that an additional £2.3bn of public funds will be invested into research and development between 2021 and 2022. The Government aims to work closely with the industry to expand private spending and could result in total investment into research and development increased to as much as £80bn within next ten years.
Philip Hammond, the Chancellor is expected to highlight the additional measure in the budget which will help increase industrial productivity and overall industrial growth.
In a recent statement, prime minister Theresa May believed this development will propel Britain to become a global leader of the future, mentioning the expansion into clean energy, artificial intelligence, and big data.
Theresa May specifically highlighted four key areas regarded as the ‘Grand Challenge’ areas which have become the focus of the BEIS for transforming the future of UK Industries. This includes:- Artificial Intelligence, Big Data, Clean Energy Growth and the future of mobility.
Business secretary Greg Clark highlights how the UK wants to be able to attract and create the best talent within the engineering and wider industries. Clark believes this investment could ensure the UK is the focus of future industries and create a range of specialist jobs.
Engineering professionals have highlighted how crucial this investment will be for generating innovation and collaboration between academia and other industries. Emerging technologies in the future and the UK needs to ensure it has the foundations and is prepared to capitalize on new, available technology within the industry. The added investment will provide support for developing a longer-term and sustainable growth of a widened knowledgeable economy.