Member Article

Theresa May to reveal £2bn annual research boost, as part of ‘Industrial Strategy’

Prime Minister Theresa May will announce a £2bn British research funding boost plan, as part of the government’s Industrial Strategy, in her first address to the CBI Annual Conference later today.

The Prime Minister will reportedly use her speech to outline how her government will step up to the task and get the economy firing on all cylinders, by announcing plans to secure the UK’s long-term commitment to research and innovation.

This will include substantial real terms increases in government investment worth £2billion per year by 2020 for research and development, to ensure British business remains at the cutting edge of scientific and technological discovery.

Moreover, May will reveal a new Industrial Strategy Challenge Fund to back priority technologies - such as robotics and biotechnology - where the UK has the potential to turn strengths in research into a global industrial and commercial lead.

Prime Minister Theresa May will say: “Our modern Industrial Strategy will be ambitious for business and ambitious for Britain.

“It is a new way of thinking for government – a new approach. It is about government stepping up, not stepping back, building on our strengths, and helping Britain overcome the long-standing challenges in our economy that have held us back for too long.

“It is about making the most of the historic opportunity we now have to signal an important, determined change.”