Philip Hammond, Chancellor of the Exchequer is to invest £220 million in technology funding to protect the UK’s fledgling technology companies.
The chancellor is attending the Conservative Party Conference in Birmingham this morning and will be announcing the much needed injection of funding. The funding will be broken down as follows:
- £120 million will be spent to encourage universities to collaborate in technology transfer and convert research into viable businesses
- £100 million will go toward expanding a partnership aimed at turning British innovations in life sciences into commercial ventures.
The government “is determined to encourage the existing environment for these cutting-edge technologies by unlocking and supporting further research and development in the UK,” Hammond is expected to say, “this extra funding will help further boost the UK’s leading role in this sector.”
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