UK unveils $285m fund to boost technology industry

LONDON: Government will invest £220 million ($285 million) in funding to support the UK’s technology industry.

The package includes £120 million to encourage UK universities to collaborate in technology transfer and convert research into viable businesses, according to a statement by the ruling Conservative Party before its annual conference in Birmingham on Monday. The remaining £100 million will go toward expanding a partnership aimed at turning British innovations in life sciences into commercial ventures.

The government “is determined to encourage the existing environment for these cutting-edge technologies by unlocking and supporting further research and development in the UK,” Chancellor of the Exchequer Philip Hammond said in the statement.

“This extra funding will help further boost the UK’s leading role in this sector.”

The funding comes after the UK’s June decision to leave the European Union has raised concerns about whether London will retain its prominence as the region’s tech capital.

Brexit has prompted rival cities to try and lure investors, and a July poll by TechCity, which promotes London as a hub for technology, showed that 74 per cent of those surveyed believed the business environment may worsen following the vote.