- Local partnerships will direct funding to range of
priorities, from life sciences to AI, or could capitalise on
Cardiff Capital Region's existing strengths such as in automotive
technology to support a greener future
- Builds on record £86bn R&D settlement until 2030 and
backs local skills to deliver economic growth as part of our Plan
for Change
Cardiff Capital Region is among three UK cities and regions
receiving at least £30m each from the UK Government to unlock
new, locally led innovation that can improve lives across the
country, UK Science Minister has announced today (Tuesday
29 July).
Partnerships between the city region authority, businesses and
research organisations will work with UK Research and Innovation
(UKRI) to invest the funding into a range of regional and
national priorities in science and technology - from life
sciences to green energy solutions, AI to engineering, and
beyond.
It could even build on the existing strengths of Cardiff, and
Wales more widely, from its role in developing electric vehicle
components that will help us build a greener world to its data
science capabilities which can improve lives from better public
services to improving our health.
The funding forms part of the Local Innovation Partnerships Fund
(LIPF) of up to £500m, announced ahead of last month's Spending
Review to empower local leaders with skin in the game. It will
help target innovation investment and make the most of their
communities' expertise to unleash discoveries that benefit us all
and grow the economy as part of our Plan for Change.
The decision to earmark at least £30m to three high-potential
areas in Glasgow, Belfast-Derry/Londonderry and Cardiff was
reached following collaboration between the UK Government and the
governments of Scotland, Northern Ireland and Wales. Seven
regions of England were also announced as recipients last month -
spanning the North-East to Greater Manchester, Liverpool to
London.
The funding was announced as part of a record £86bn R&D
settlement until 2030 and will help the Government to deliver our
modern Industrial Strategy by backing high growth sectors and
bolstering partnerships with industry for long-term economic
growth.
UK Science Minister said:
From driving the development of electric vehicle components that
will help deliver a greener planet to cutting-edge data science
work, the Cardiff Capital Region playing a leading role in the
technologies of the future that can benefit people throughout the
UK.
By targeting this funding with local leaders to a range of
science and technology sectors we can make the most of the
expertise across Cardiff and wider Wales to grow the economy as
part of our Plan for Change.
Secretary of State for Wales said:
This funding from the UK Government is vital to support Wales's
leading science and technology sectors. We are already punching
above our weight in areas where there is huge potential for even
more growth.
Wales has the talent and expertise to develop high tech solutions
to a range of challenges, and this investment will help kickstart
innovation, create new well-paid jobs and grow the Welsh economy.
Welsh Government Cabinet Secretary for Economy, Energy and
Planning, , said:
This investment represents another vote of confidence in the
Cardiff capital region and builds on our work supporting its
growth, strong university research ecosystem, industry base and
innovation clusters over a number of years.
We will continue working closely with the South East Wales
Corporate Joint Committee and the UK Government to build on the
region's strengths, attract significant private investment,
strengthen regional partnerships and deliver real benefits for
people across South East Wales and beyond.
High potential innovation clusters in places that have not been
earmarked for funding will also be able to bid into a
competition, with UKRI publishing guidance on this competition
soon.
The Local Innovation Partnerships Fund represents a significant
shift in place-based innovation policy, giving regions greater
control over how research and development investment is directed
to maximise their innovation potential and drive economic growth.
It builds on the lessons learned from programmes already underway
to support high potential innovation clusters in regions across
the UK, including the Strength in Places Fund and the Innovation
Accelerator pilot scheme and Innovate UK Launchpads.
The Innovation Accelerator pilot scheme alone has leveraged more
than
£140 million in new private investment, created hundreds of jobs
across the West Midlands, Greater Manchester and Glasgow City
Region, and supported a range of new technologies.
It includes those developed by the Greater Manchester advanced
diagnostic accelerator, delivering quicker and cheaper detection
for liver, heart and lung diseases, whilst Moonbility from the
West Midlands is using AI software helping train
companies to simulate, in real time, potential disruption to the
network so they can alert passengers on delay length, giving
advice on replanning journeys.
