The government has announced new plans to drive jobs, growth,
skills and opportunity across the whole of the UK.
The Business and Energy Secretary unveiled last week a package
of new measures to support UK researchers and businesses to
innovate and embrace the green technological revolution.
The measures build on the government’s record investment in
research and development and will enable leading UK industries to
seize the opportunities to transform the way that people live,
work and travel. It also forms part of the government’s ambition
to lead the world in taking action on climate change including by
legislating to end the UK’s contribution to climate change by
2050 and boosting the whole clean growth sector by promoting
innovation, jobs and export opportunities.
Innovation investment for zero-carbon nuclear fusion technology
As part of the UK’s commitment to invest in innovative
technologies to help tackle climate change in the UK and across
the world, the UK will accelerate efforts to realise fusion
energy through a £222 million investment in a visionary fusion
reactor design programme, known as STEP (Spherical
Tokamak for Energy Production).
A world first, the UK will aim to design, develop and build a
commercially viable fusion power plant ready to provide energy to
the grid by 2040. The 20-year project will create highly skilled
jobs across the country and could create a brand-new industry for
the UK with global export potential.
In parallel, the government will provide £184m over the next five
years to develop new fusion facilities, infrastructure and
apprenticeships, centred on the Culham Campus in Oxfordshire.
This investment will make the UK a global hub for fusion
innovation, support the delivery of STEP and attract private
sector fusion companies to the UK.
Electric Vehicles
The government has announced up to £1 billion additional funding
to develop and embed the next generation of cutting-edge
automotive technologies.
This funding will be used to develop UK supply chains for the
large-scale production of electric vehicles and will also be used
for further research and development in our world leading
research centres.
It will accelerate mass production of key technologies in the UK
through major investments in the manufacturing of batteries,
electric motors, power electronics, and hydrogen fuel cells,
along with their component and materials supply chains.
Boost to UK’s world-leading health technologies and life-sciences
sector
While the UK has one of the most successful health and life
sciences industries in the world, contributing almost £74 billion
a year and close to a quarter of a million jobs across the
country, companies in the sector have historically struggled to
access the right sort of finance to grow.
The government has announced a new dedicated investment programme
of around £600 million to unlock the potential of the UK’s best
health and life science innovations, allowing companies to grow
and ensure the UK remains a world-leader in life sciences
innovation.
The funding will comprise a £200 million investment through the
government-owned British Business Bank alongside private sector
investment which is expected to contribute a further £400
million, creating high quality jobs and helping UK patients
benefit from more ground-breaking treatments and care.
