The Industrial Strategy set out our commitment to becoming the world’s most innovative economy, ensuring the UK is the best place for researchers and innovators throughout Britain. We are already delivering record increases in public sector R&D investment — an extra £7bn committed by 2021/21 — with a target to reach 2.4% of GDP investment in R&D across the whole economy by 2027.
The government is supporting organisations that promote digital innovation. The Industrial Strategy Challenge Fund is incentivising innovation, including in digital projects, by bringing together world-class UK research with business investment to develop new technologies. The Digital Catapult, an advanced digital technology innovation centre, receives funding to drive the early adoption of digital technologies to make UK businesses more competitive. It provides physical and digital facilities for experimentation and brings small companies, corporates, researchers and investors together through innovation programmes.
We are also helping innovative companies to access funding to expand and develop new projects. This includes the £2.5 billion British Patient Capital programme, delivered through the British Business Bank, which will support innovative UK companies to access the long-term investment they need to grow and expand worldwide.
The Industrial Strategy also supports the development of projects in specific sectors through Sector Deals: long term partnerships between industry and the government. These have included commitments to develop several digital projects to improve productivity in sectors ranging from Rail to Creative Industries to Tourism.