The prime minister has announced plans to hand dedicated control over research and development (R&D) funding to local leaders.
The plans are designed to spread opportunity, investment, and growth to every part of the country.
Speaking at the Innovation Nation Conference Prime Minister Andy Burnham argued that by drawing on Britain’s state-of-the-art strengths in science, technology, and research, the next generation of breakthroughs should not only be discovered here, but developed, scaled, and commercialised here too.
The PM said: "We’ve got the finest minds working at the most prestigious universities, the most innovative companies and clusters producing some of the most advanced technologies.
"We are doing so much right, but we can do so much more. We have good opportunities now in all of our nations and regions to deliver something that I’ve set as a mission as Prime Minister, good growth in every postcode.
"Let’s really focus on that and bring innovation to all parts of the UK as well. We can grow our companies into global giants. We can extend the chain of human achievement. We can be the world’s innovation nation."
Established mayoral strategic authorities in England will for the first time receive dedicated devolved later-stage innovation funding. This will give them the power to back the most promising innovation opportunities in their areas and build on local strengths.
This dedicated R&D funding will be complemented and sit alongside new Good Growth Funds which are a single, flexible, long-term growth budget, empowering local leaders to invest in the opportunities that will create jobs, attract investment, and raise living standards in their area.
The Government hopes to unlock new investment, grow businesses and create better-paid jobs across the country, by giving local leaders, the funding, flexibility, and support to build on their competitive strengths.
The Government will also commit £1 billion through UK Research and Innovation (UKRI) over the next four years to support high-growth innovation clusters in the Industrial Strategy’s priority sectors across the UK, backing the places with the research excellence, businesses and skilled workers needed to turn new ideas into successful companies.
No.10 North will also be tasked with bringing forward new partnerships between clusters in the Industrial Strategy’s eight growth-driving sectors, building on the success of the Cambridge and Manchester collaboration.
The first will connect the complementary strengths of the Northern Growth Corridor and the Oxford to Cambridge Growth Corridor in sectors including life sciences, digital and technology, and advanced manufacturing.
