Life sciences to be funded by government investment
Theresa May will announce a ten-point industrial strategy as part of the government’s interventionist approach to help boost the UK economy.
As part of the prime minister’s first regional meeting in north-west England, Theresa May will highlight key areas for investment including, life sciences, industrial digitisation broadband and 5G mobile technology.
A green paper will highlight the support the government is offering which includes addressing regulatory barriers, helping with trade deal and helping to establish institutions which encourage innovation and skills development.
£170 million will be invested into creating new institutions of technology and the plans will also boost the science, technology, engineering and maths sectors.
The strategy is intended as way for the UK to succeed following Brexit.
About the plan, the prime minister said: “The modern industrial strategy 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.”
The investment is part of the £4.7 billion fund for research and development which the government announced last November.
To be eligible for investment, sectors will have to organise themselves and make the case for government action.
The ten points of the government’s strategy include investing in science, research and innovation, upgrading infrastructure, improving procurement, delivering affordable energy and clean growth, driving growth across the country, developing skills, supporting business to start and grow, encouraging trade and inward investment, cultivating world-leading sectors and creating the right local institutions.
The prime minister is also expected to announce a £556 million investment into the northern powerhouse.
The investment includes funding for companies such as Nissan based in Sunderland and projects like the Google Intermodal Terminal, which intends to link Yorkshire town’s existing rail, sea, motorway and waterway hubs.