Theresa May wants post-Brexit UK at 'cutting edge'The British Prime Minister, Theresa May, is making a very welcome reach out to the scientific business sector. The UK Government will create a new £2bn per year fund which will invest in helping to bring scientific development and technology to commercial viability.
This has been followed up in the Chancellor of the Exchequer's Autumn Statement - the increased funding will be made available through the National Productivity Investment Fund (NPIF) through to the 2020-21 year. Applications for funding will be assessed by UK Research & Innovation (UKRI). The NPIF will fund:
1) The Industrial Strategy Challenge Fund (ISCF). This will be a cross-disciplinary fund to support collaboration between business and science. The ISCF will be managed by Innovate UK and use an evidence-based assessment process.
2) Innovation, applied science and research. Additional funding will be allocated to increase capacity and business innovation. Funding will be awarded on the basis of "national excellence", and again will be run through Innovate UK.
The increase in spending represents an approximate 20% increase in research & development spending by the government in this area. The UK government also promises to help scientific firms through the tax system. The government will review the tax environment for R&D to look at ways to build on the introduction of the "above the line" R&D tax credit to make the UK a more competitive place to do R&D.
H2GO Power is encouraged that the government is giving focus to science, business and research funding, and taxation in these areas. We look forward to hearing the results of the government's review.