Smart energy, robotics and artificial intelligence, and 5G mobile technology are all to receive government funding to support them in research and development.
The announcement follows the government's commitment in November last year to set aside £2 billion per year up to 2020 for research and development (R&D), and comes ahead of the launch of Prime Minister Theresa May's industrial strategy for post-Brexit Britain.
Whilst the automotive and aerospace industries are already well supported by government R&D funding, Mrs May hopes to do the same for science and technology industries, where R&D spending lags well behind that of competing nations such as France, Germany, and Japan.
Ahead of her first regional Cabinet meeting, Mrs May said: "The modern industrial strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country.
"It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success."
Business Secretary Greg Clark added: "[The] strategy must build on the UK's strengths and extend excellence into the future; close the gap between the the UK's most productive companies, industries, places and people and the rest; and ensure we are one of the most competitive places in the world to start and grow a business."
R&D tax credits – money back for innovation
R&D tax credits have proved to be a major boost to British business, but many are still unaware that they can claim the credits to help fund research and development, often incorrectly thinking that their on-going enhancement of existing products and services does not quality, because “it is just what we do”.
Having helped many businesses across a variety of sectors make significant ‘money back for research and development’ claims when some were previously unaware they could, we know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development activities by companies operating in the UK.
Our R&D tax credit specialists are therefore on hand to maximise the value of any potential claim and manage the often complex process on your behalf.
If you would like to know more about how we can help you and your business, please contact Steve Govey or your usual Beavis Morgan Partner.