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Government outlines £22bn R&D investment but South West misses out on key funding stream

Peter Evans
Authored by Peter Evans
Posted: Thursday, July 22, 2021 - 18:47

The government has launched its new Innovation Strategy as part of a £22bn investment into research and development, although the South West looks set to miss out on a key funding stream outlined under the new policy.  

Unveiling the plans, the business secretary, Kwasi Kwarteng, said: "The UK can look back on a proud history of changing the world through innovation. From the industrial revolution to the vaccine development of the past year, the impact on our everyday lives is undeniable."

The new policies announced include increasing annual public investment on R&D to a record £22bn, introducing new visa routes to attract and retain "high-skilled, globally mobile innovation talent" and plans to invest £200m through the British Business Bank’s Life Sciences Investment Programme.

However, there was disappointment for the South West as it missed out on the Strength in Places Fund, a £127m UK Research and Innovation (UKRI) fund designed to stimulate innovation across the UK. Five projects were chosen to share the cash, based in the North of England, the Midlands, Scotland and Cumbria, Northern Ireland and Wales. 

Ben Cooper, a start-up and scale-up specialist and director at Skowt Consulting, said: "It is good news in general that we will see more funding for R&D, but my question is how much of it will the South West see compared to London and the level-up regions?" 

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