Home >£1b to go to Industrial Strategy Challenge Fund over next 4 years
£1b to go to Industrial Strategy Challenge Fund over next 4 years
15 May 2017
The government is investing £1 billion in cutting-edge technologies to create jobs and raise living standards, Business Secretary Greg Clark has announced.
The funding from the flagship Industrial Strategy Challenge Fund (ISCF) will be spent across 6 key areas over the next 4 years, driving progress and innovation that will create opportunities for businesses and sectors across the UK.
The government has worked with businesses and academics to identify core industrial challenges, where research and innovation can help unlock markets and industries of the future in which the UK can become world-leading.
Through the ISCF, government will bring together the UK’s world leading research with the ambitions of business to meet these challenges head-on. The funding allocations announced today are designed to help deliver a step-change in the UK’s ability to turn strengths in research into commercialised products.
The first 3 areas set to receive investment through the fund – healthcare and medicine, clean and flexible energy, and robotics and artificial intelligence – were announced at the 2017 Spring Budget. The Business Secretary has today confirmed the total investment in each field (subject to business case approval):
- clean and flexible energy or the ‘Faraday Challenge’: an investment of £246 million over 4 years to help UK businesses seize the opportunities presented by the transition to a low carbon economy, to ensure the UK leads the world in the design, development and manufacture of batteries for the electrification of vehicles
- cutting-edge healthcare and medicine: an investment of £197 million over 4 years to develop first-of-a-kind technologies for the manufacture of medicines that will speed up patient access to new drugs and treatments, building on the exporting strengths of the UK’s biopharmaceutical sector
- robotics and artificial intelligence (AI): an investment of £93 million over 4 years to make industry and public services more productive, by developing AI and robotics systems that can be deployed in extreme environments which occur in off-shore energy, nuclear energy, space and deep mining
Greg Clark also confirmed that, subject to business case approval, the 3 additional areas that will be receiving ISCF grants in the next 4 years.
- driverless cars: to ensure the UK’s reputation as a world-leader in driverless car technology, a sector predicted to be worth £63 billion by 2035, the government will be investing a further £38 million in new collaborative research and development projects, working with industry partners to develop the next generation of AI and control systems need to ensure the UK is at the forefront of the driverless cars revolution
- manufacturing and future materials: through a new £26 million fund for research and development programmes, the government will support the UK’s civil aerospace industry, a sector which employs over 230,000 people, to develop the next generation of affordable light-weight composite materials for aerospace, automotive and other advanced manufacturing sectors
- satellites and space technology: building on the UK’s global reputation for satellite technology, a growth industry that underpins mobile technology, the ISCF will provide funding for a £99 million satellite test facility supporting new launch technologies and the manufacturing and testing capabilities that will allow the UK to construct future satellites and deliver payloads into orbit
Further announcements on allocations, including dual support funding, will be made in due course.