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<p>The Industrial Strategy sets out our plan to make the UK the World’s most innovative
economy, building on our global leadership in science and research. We are supporting
the Industrial Strategy ambition to raise the total R&D investment to 2.4% of
GDP by 2027, and 3% in the longer-term. The Government will invest an additional £7bn
in R&D by 2020/2021. This will be the largest increase ever.</p><p> </p><p>The
2018 Budget allocated £1.6 billion of funding towards boosting transformative technologies,
backing UK scientists and industry at the frontier of innovation. We are also supporting
more companies to do research and development through the UK’s R&D Tax Credits
Scheme.</p><p> </p><p>The Government is supporting research commercialisation and
collaboration between university, business and charities through several significant
investments. These include:</p><ul><li>providing support for the creation of new research
centres and facilities through the £900m UK Research Partnership Investment Fund;
and funding for the Catapult network.</li><li>increasing Higher Education Innovation
Funding to £250m pa by 2021 (to underpin universities capacity to work with business),
and providing £100m for Connecting Capability Fund enabling universities to collaborate
together, to pool resources and capability to make it easier for investors and business
to access;</li><li>as well as through established Research Council and Innovate UK
mechanisms.</li></ul><p>British Patient Capital Ltd, a wholly-owned commercial subsidiary
of the British Business Bank has been given resources of £2.5bn over the next 10 years
to support venture and growth capital funds to make longer-term investments in innovative
UK-based businesses with high growth potential.</p><p>We are encouraging long-term
investment into R&D, with £1.7bn invested in strategic research programmes through
the first two waves of the Industrial Strategy Challenge Fund. These challenges have
been developed to broadly align with the Grand Challenges: Clean Growth, AI and Data,
Ageing Society and the Future of Mobility, society-changing opportunities and industries
of the future. We are also working in partnership with businesses to develop Sector
Deals that will create significant opportunities to boost productivity, employment,
innovation and skills.</p>
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