Welcoming the support for innovation and new industries where the UK can have a world leading position outlined in the Budget, Director of Technology at Innovate UK Kevin Baughan said:
“At Innovate UK we have proven that Investing in business-led innovation creates new industries, improves productivity, creates new jobs and drives exports. We live, work and compete in a global innovation economy and public sector investment is critical in building the confidence needed to take on exciting new opportunities.The £200m support for intelligent mobility is a great example of this, as is the £40m investment in the internet of things and the support for agri-tech industry. It is critical that we continue to help businesses get a head start in the industries of the future, creating UK economic growth.
“The Chancellor also had good news for our Catapult centres, which help businesses, scientists and engineers work together to transform ideas into commercially viable products and services. Birmingham will be home to our new Energy Systems Catapult, and there will also be additional funding for the Centre for Process Innovation, which is part of our High Value Manufacturing Catapult, to improve knowledge transfer and collaboration in the chemicals industry.”