Multi million package announced to boost innovation and research in the UK

A £75 million boost for high tech small and medium sized businesses is part of a package of measures announced today in the Government’s new Innovation and Research Strategy for Growth.

The strategy, launched by Business Secretary Vince Cable and Minister for Universities and Science David Willetts, sets out the Government’s plans to boost economic growth through investment in research and innovation across the UK.

Vince Cable said: “The UK has renowned universities and research institutes and a proud record of invention – from the creation of life-saving medicines to the development of the internet. This strategy builds on our strengths by setting out how we will work with businesses and research bases to underpin private sector led growth.

“We recognise that by improving the incentives for companies to innovate they will continue to create life changing products to drive future innovation and growth.”