Agency requests ‘hundreds of millions’ from Treasury
The chancellor Philip Hammond will announce a real-terms increase in research and innovation spending of £2 billion a year by 2020, when he presents the government’s financial plans in the autumn statement on 23 November.
Part of this funding will be channelled through a large innovation fund for technology development dubbed the Industrial Strategy Challenge Fund. Research Fortnight understands that the proposal for extra funding, submitted by Innovate UK, aimed to support different areas of technology, with a strong emphasis on commercialisation.
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