A new funding boost of £57.5 million was announced on 7 July 2016 for the UK’s energy and infrastructure, biomedical and quantum technology sectors by Business Secretary Sajid Javid at the inter-ministerial group on business engagement.
Chaired by the Business Secretary, the meeting brought together ministers from across government to discuss issues and challenges facing businesses in all sectors, and how government could support them following the outcome of the EU referendum, including creating opportunities for investment and trade. It was agreed at the meeting that government needed to “speak with one voice” to engage and deal with “immediate investment risks and domestic policy issues”.
At the meeting Sajid Javid also announced the immediate creation of a new £57.5 million fund to help boost innovative businesses across a range of sectors. The best ideas will compete for funding to develop new sustainable energy and transport solutions, bring new healthcare advancements to market and drive forward commercial advances in quantum technology.