Prime Minister announces investment boost for R&D and transport

Prime Minister Theresa May has unveiled the biggest ever increase in research and development investment, alongside a brand new transport connectivity fund for city regions across the UK.

The new measures, which form part of the government’s proposed Industrial Strategy, are aimed at improving productivity and generating better, higher paid jobs nationwide.

In order to make good on those aspirations, the government will boost expenditure on R&D to 2.4% of GDP by 2027. This could increase public and private R&D investment by as much as £80Bn over the next decade.

A further £2.3Bn is to be made available during 2021/22, raising total public investment in R&D to £12.5Bn that year alone.

What’s more, a £1.7Bn Transforming Cities Fund will soon launch, enhancing transport links and promoting local growth within our city regions. This includes a £250M sum for better transport links throughout the West Midlands.

Writing in The Times, the Prime Minister explained: “One of my first actions as Prime Minister was to begin the development of a modern industrial strategy that will help businesses to create high-quality, well paid jobs right across the country.

“This is a new long-term approach to shaping a stronger and fairer economy for decades to come. It helps young people to develop the skills they need to take up the high-paid, high-skilled jobs of the future.

“Our Industrial Strategy will propel Britain to global leadership of the industries of the future, seizing the big opportunities of our time – from artificial intelligence and big data to clean energy and self-driving vehicles.”

The Industrial Strategy White Paper will announce four ‘Grand Challenges’ that reflect the global trends that will shape our future and industries where the UK has a competitive edge. These are artificial intelligence and the data economy; clean growth; healthy ageing; and the future of mobility.

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