Technology funding boost in Budget

Chancellor Philip Hammond has presented the 2017 Spring Budget, with the announcement of an additional funding for 5G technology.

Hammond has announced investment of £270 million to launch the Industrial Strategy Challenge Fund. Initial funding from this investment will support research and innovation in: developing artificial intelligence and robotics that will work in extreme environments, like offshore energy, nuclear energy and space; designing and manufacturing better batteries for new electric vehicles that will help improve our air quality; and improving medicine manufacturing technologies to speed up patient access to drugs.

As expected, Hammond also confirmed a new £16 million strategy to make the UK a world leader in 5G technology, as well as a £200 million funding pot for local projects to build fast and reliable full-fibre broadband networks.

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