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Chancellor announces funding for Catapult network

Chancellor announces funding for Catapult network

Chancellor Philip Hammond has today (Friday, 10 August) announced £780 million of funding to expand Catapult centres developing a range of cutting edge new technologies across the UK.

The funding builds on the £180 million of funding for the Offshore Renewable Energy Catapult and Centre for Process Innovation, part of the High Value Manufacturing Catapult, that was announced by the Prime Minister last month.

In their first five years, the Catapult network, administered by Innovate UK, part of UK Research and Innovation, has supported around 3,000 small businesses to develop and exploit new technologies. Catapults bring together business, science and engineering to work together to bring products from ideas to market, removing barriers to growth such as access to finance, inadequate facilities and skills shortages.

Announcing the funding during a visit to the Manufacturing Technology Centre in Coventry, Chancellor Philip Hammond said: “We are working hard to build a stronger, fairer economy – dealing with the deficit, helping people into work, and cutting taxes for individuals and businesses. Unemployment is at its lowest since the 1970s, our national debt is starting to fall, and the economy has grown every year since 2010.

“It is by backing innovative British companies to grow and create jobs that we will continue this progress and build an economy fit for the future. Today’s £780 million investment will support innovators across the country to create the technologies of the future, and the better, highly-paid jobs we urgently need.”

Business Secretary Greg Clark said: “We are a nation of innovators, creators and entrepreneurs. Through our modern Industrial Strategy, backed by the largest investment in R&D in 40 years, we are boosting growth, creating new highly skilled jobs and helping change people’s lives for the better.

“This government wants to make the UK the most innovative nation in the world and the investment in our world leading catapult network will play a key role in building on UK strengths, bringing new ideas and products to market and helping drive local economies across the UK.”

Dr Ian Campbell, Interim Executive Chair of Innovate UK, said: “Today’s significant announcement means our world-class network of catapults can build on their success and continue helping thousands of businesses across the UK to undertake innovative R&D. This long-term investment will mean the catapults can help deliver the Grand Challenges of the Industrial Strategy in their sectors and help the UK achieve its ambition to raise investment in R&D to 2.4% of GDP by 2027.

“In their first five years the catapults have supported around 3,000 small businesses to develop and exploit new technologies. They operate more than £850m world-class facilities and are also training hundreds of apprentices and doctoral students, such as at the High Value Manufacturing Catapult where in the last year 900 apprentices have gained invaluable practical experience with cutting-edge technologies used in modern manufacturing.”

Regional breakdown of funding:

Region

New funding

Project

West Midlands

£270.9m

For the Manufacturing Technology Centre in Coventry and Warwick Manufacturing Group (both part of the High Value Manufacturing Centre) and the Energy Systems Catapult, in Birmingham.

Yorkshire and the Humber

£126.7m

For the Advanced Manufacturing Research Centre, in Rotherham and Sheffield, and Nuclear Advanced Manufacturing Research Centre in Rotherham (both part of the High Value Manufacturing Centre).

North East

£180.3m

For the Offshore Renewable Energy Catapult in Blyth and the Centre for Process Innovation in Redcar.

Greater London

£70.6m

For the Cell & Gene Therapy Catapult in London (and Stevenage).

South West

£65.4m

For the National Composite Centre (part of the High Value Manufacturing Centre) in Bristol.

South East

£68.3m

For the Satellite Applications Catapult in Harwell.

Wales

£51.3m

For the Compound Semiconductor Catapult in Cardiff.

Scotland

£96m

For the Advanced Forming Research Centre in Strathclyde (part of the High Value Manufacturing Centre) and the Offshore Renewable Energy Catapult.

For further information visit the Innovate UK website.