Prime minister Theresa May has promised to increase spending on research and innovation in real terms by £2 billion a year by 2020 along with a new fund for technology commercialisation.
In a speech to the Confederation of British Industry’s annual conference in London on 21 November, May also gave strong hints about the government’s planned industrial strategy. She announced that a green paper on this subject would be published later this autumn, and will be followed by a white paper in early 2017.
“Our modern industrial strategy will be ambitious for business and ambitious for Britain. It is not about propping up failing industries or picking winners but creating the conditions where winners can emerge and grow,” May said.