Press release - Budget Focus on Innovation

22 Apr 2009

NEWS RELEASE

TECHNOLOGY STRATEGY BOARD WELCOMES
BUDGET FOCUS ON INNOVATION 
  

The Technology Strategy Board has welcomed the announcement in today's Budget of additional funding for its programmes to accelerate technological innovation, and the recognition of the importance of innovation in building Britain's future.

The 2009 Budget report announces that the Government will set aside £50 million, as part of a new Strategic Investment Fund, to enable the Technology Strategy Board to increase its capacity to support innovation in areas which have high potential to drive future growth, such as low-carbon technologies, advanced manufacturing and the life sciences.

Commenting on the announcement Iain Gray, Chief Executive of the Technology Strategy Board, said: "This Budget recognises how essential it is to continue increasing investment in technology and innovation especially in difficult economic times. We have to develop new technologies and solutions, not only for the sake of this country's future competitiveness on the global stage, but also to address the major challenges facing our society."

Iain Gray continued "The Budget also allocates significant new resources in wider programmes to develop the low carbon economy and build competitiveness. We will work alongside government departments and other partners to lead on innovation in these areas, helping business to accelerate the development of new technologies, products and services as we invest for the future."

The Technology Strategy Board is already investing £1bn, with partner contributions, in business innovation over the current spending period. The additional £50m funding will enable the organisation to augment its programmes in some critical areas and bring forward new investments in others, accelerating the pace of business-led innovation. The Technology Strategy Board is yet to announce the precise allocation of the additional funding.                                                                                         
ENDS

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Last updated on Friday 01 May 2009 at 15:29

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