The Chancellor announced several measures to boost R&D investment in line with CBI calls, including extension for funding to catapult centres.
The CBI has repeatedly called on the Government to boost R&D investment, and business will be pleased with the additional funding announcements.
The measures included:
- An additional £1.1bn in funding for the Industrial Strategy Challenge Fund, supporting technologies of the future.
- £115 million of extended funding for the Digital Catapult, which has centres in the North East, South East and Northern Ireland. This builds on the £1 billion in long-term funding committed to the broader network of Catapult centres located across the UK.
- Extending support for the Northern Powerhouse Investment Fund by an extra year to over £38bn by 2023-24.
Though these are welcome investments, the CBI will continue to lobby on behalf of members to ensure that the government continues to develop these and other measures in the years to come.