You are here: Home/News/ UK: Spring Statement Supports Modern Industrial Strategy
UK: Spring Statement Supports Modern Industrial Strategy
The Chancellor’s Spring Statement has unveiled ambitious plans to support the UK’s modern industrial strategy to invest in innovative research and development, creating jobs, growth and opportunity across the country.
Ambitious plans to boost the UK’s economic ambition to invest 2.4% of GDP by 2024 in innovative research and development, creating jobs, growth and opportunity in every part of the country, have been unveiled.
The new package of measures to support the delivery of the modern Industrial Strategy includes:
£79 million to build a new ‘supercomputer’ for complex calculations for research and industry projects across the UK
£45 million to support genetic research in Cambridge for complex health conditions
a commitment that new-build homes will feature more sustainable and efficient ways of heating, alongside other energy saving measures.
a new requirement for company Audit Committees to review payment practices and report on them in their annual accounts.
a call for evidence on how to turn the UK into a global hub for offshore oil and gas decommissioning
The government also announced that independent expert Professor Arindrajit Dube would be appointed to undertake a review of the impact of minimum wages internationally. The government will also be engaging with stakeholders through a roundtable in conjunction with the Low Pay Commission as part of the commitment to end low pay in the UK.