PoliSCI

Government and industry commit £720m to Industrial Strategy challenges

A £720m public-private joint investment will support 11 projects working to commercialise new innovations to solve the Industrial Strategy’s Grand Challenges. The UK government has committed £220m – combined with £500m from industry – to solving the challenges of tomorrow. These projects include a new centre to research cancer treatments and an initiative in advanced manufacturing of lighter metals for the transport industry.

‘Government investment in research and our world-leading universities are helping attract even bigger investments from the private sector,’ said Science Minister, Chris Skidmore. ‘These ground-breaking research projects worth nearly £720m are a fantastic example of this, as we work towards our target of 2.4% of GDP to spent on R&D by 2027.’

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Electric transport to be revolutionised by £37m investment

Twelve projects will support the creation of innovations in electric vehicle charge points, including wireless charging technologies, as part of the government’s Road to Zero Strategy launched last year. It’s hoped that improving more easily accessible and cost-effective charge points will encourage the uptake of electric vehicles.

‘We’re charging up the transport revolution and investing in technologies to transform the experience for electric vehicle drivers,’ said Future of Mobility Minister, Michael Ellis. ‘Ensuring the charging infrastructure for electric vehicles is reliable and innovative is encouraging more people to join the record numbers of ultra-low emission vehicle users already on UK roads.’

UK exports are rising despite global slowdown

Data released by the Office of National Statistics (ONS) show that UK exports are growing despite the global economy slowing down. In the 12 months leading to May 2019, UK exports were worth £647.1bn –an increase of 4.0%. The main contributors to the growth were goods within the fuels sector, which grew 25.9% to £39.3bn.

‘Despite the global headwinds getting stronger, today’s record-breaking statistics highlight what a real international trade policy can deliver for the UK as people from around the world continue to express their appetite for British goods and services,’ said Trade Secretary, Dr Liam Fox. ‘This is just the beginning – now is the time to get behind DIT so that we can give British business the backing it needs and grasp the golden opportunity in front of us.’