Prime minster Theresa May is expected to officially reveal plans later today for significant investment in the develoopment of technologies which are strategically important to the UK’s future industrial strength.
The £4.7 billion Industrial Strategy Challenge Fund will support the commercialisation of smart energy technologies as well as robotics, artificial intelligence and 5G mobile networks.
Speaking about the industrial strategy to the BBC’s Andrew Marr on Sunday (22 January), the prime minister singled out battery technology as an area where “the UK is already leading” but where further support for commercial development promises to benefit the UK economy.
In addition to providing support for technology development, a core strand of the new industrial strategy will be “delivering affordable energy and clean growth”. This will “keep costs down for businesses, and secure the economic benefits of the transition to a low-carbon economy,” according to the Department for Business, Energy and Industrial Strategy.
Another aspect of the industrial strategy will be support for skills development. The prime minister is expected to set out plans for an improved technical education system in the UK which aligns with national industrial and economic ambitions.
May will present a green paper giving more detail on the modern industrial strategy later today at a regional Cabinet meeting in the North-East.