Through our modern Industrial Strategy, we are creating opportunities for the UK technology sector to build on its strengths and continue to grow. This includes the ambition to raise total R&D investment to 2.4% of GDP by 2027. The government is increasing spending on R&D by £7bn by 2021/22, the largest increase in 40 years.
Support in the East Midlands includes the recently announced funding to support the creation of a new, locally-led development body for Toton, with £70m for the Defence and National Rehabilitation Centre. Innovate UK funding of £12m has been invested by the Energy Research Accelerator (ERA) in the Research and Acceleration Demonstration Building on Nottingham University’s Innovation Park. The D2N2 Local Enterprise Partnership has contributed £5m of Local Growth Fund to the Advanced Manufacturing Building at Nottingham University’s Jubilee Campus. The facility will allow for diverse engineering and science disciplines to collaborate and contribute to pioneering developments for a range of sectors.
Through the Midlands Engine Strategy, we are investing in skills, industries, and infrastructure – building on the many strengths of the Midlands to boost productivity. It confirmed the Midlands Engine Investment Fund, which provides over £250 million to support small businesses across the Midlands to start and grow.