The Government’s Industrial Strategy has been launched as a means to try and encourage decarbonisation technology innovation and provide a boost to the UK economy.
The 3-year plan involves investments of £725 million into the Industrial Strategy Challenge Fund, along with creating ‘sector deals’ to improve construction industry efficiency and efforts to clean up the automotive sector with the use of Artificial Intelligence and driverless technology.
In addition, £400 million will be invested in electric vehicle charging infrastructure with a further £100 million invested in plug-in car grants.
Research and Development investment is to be increased to 2.4% of GDP by 2027 and so academic groups and businesses have been asked to work alongside the government in creating the innovations and technological advances of the future.
Innovating companies could also be eligible to receive R&D tax breaks of up to 12%.
According to the government, the STEM skills of science, technology, engineering and maths are currently lacking across the UK.
As a result, £406 million is being spent to address these issues and enhance the learning quality and experience of students in these subjects and entice more people into the subjects to deal with the shortfall.
Prime Minister, Theresa May commented on the strategy, stating: “Our modern Industrial Strategy will shape a stronger and fairer economy for decades to come.”
“It will help create the conditions where successful businesses can emerge and grow and support these businesses in seizing the big opportunities of our time – such as artificial intelligence and big data, whilst also making sure our young people have the skills to take on the high-paid, high-skilled jobs this creates.”