Local leaders will be handed dedicated research and development funding for the first time under plans unveiled by Prime Minister Andy Burnham.
In a major speech at the Innovation Nation Summit in Manchester, the Prime Minister set out his vision to make Britain the best place in the world to innovate, build and grow.
He argued that the next generation of breakthroughs should not only be discovered here, but developed, scaled, and commercialised here too.
“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,” he said.
“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.”
As part of the mission, established mayoral strategic authorities in England will for the first time receive dedicated devolved later-stage innovation funding, giving them the power to back the most promising innovation opportunities in their areas and build on local strengths.
The R&D funding will be complemented and sit alongside new Good Growth Funds – a single, flexible, long-term growth budget.
The Government said it 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.
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.
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