Hammond to allocate £500m for technology and innovation

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Philip Hammond, chancellor of the exchequer, is to announce £500m in his Budget on Wednesday to help British scientists and technology developers compete as the UK prepares to leave the European Union.

The funds from the National Productivity Investment Fund will be used to support areas including electric vehicles, robotics and artificial intelligence with a goal to bring new jobs to the UK and attract foreign investment, according to the Treasury.

The chancellor is expected to mark £270m for research and development by British businesses and universities to develop robots for off-shore and nuclear energy as well as creating new ways of manufacturing medicines.

To ensure a skilled workforce to build these new technologies, £90m will be allocated to fund 1,000 PhD places in largely science, technology, engineering and mathematics, with £200m allocated for fellowships for early and mid-career researchers alongside £50m for programmes to attract global talent.

The Budget will also give further details on the UK’s strategy for 5G mobile technology.

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