The government has announced that it will allocate £200 million for new technology centres in a move to encourage innovation in UK businesses.
Announcing the fund at the Confederation of British Industry’s annual conference today, Prime Minister David Cameron claimed that greater innovation in the private sector was a prerequisite to UK economic recovery. The Technology and Innovation Centres aim to encourage further investment and sharing of knowledge, he said.
During his speech, Cameron cited the fast rise of US technology giants Apple, Google and Facebook to billion dollar businesses. He said that he hoped the new investment would help UK firms emulate such successes.
The money will be allocated over the next four years.
"These centres will sit between universities and businesses, bringing the two together," Cameron explained. "They won’t just carry out their own in-house research, they will spread knowledge too, connecting businesses – large and small, new and old – to potential new technologies, making them aware of funding streams and providing access to skills and equipment."
"These centres will be great for research, great for business, and they’re going to put Britain back at the top table for innovation," the Prime Minister added.