Iain Gray welcomes support for innovation in the Autumn Statement

• £61m will be invested across seven Government-backed High Value Manufacturing Catapult centres in cutting-edge equipment and expertise to help around 2,250 manufacturers create technologies and products in innovative areas such as robotics, printable electronics and carbon fibre composites.
• An additional £28m will create a multi-million pound world-class research and development centre – the National Formulation Centre - that will specialise in the development of formulated products such as medicines and chemicals.
• Three projects have been given the green light to trial driverless cars from 1 January 2015. Consortia based in Greenwich, Milton Keynes/Coventry and Bristol have been awarded up to £19m to research projects that will keep the UK at the forefront of this technology.

Welcoming the support for innovation and RD announced in the Autumn Statement, Chief Executive of Innovate UK Iain Gray said:

“This Autumn Statement is huge vote of confidence in Innovative business up and down the country. The extra support and new centre in the High Value Manufacturing catapult that Innovate UK are setting up shows just how valuable the Catapults are to business, and how successful they have been in transforming the innovation landscape, and by announcing the cities that won our competition to trial the use of driverless cars we are taking the next step in making the UK a world leader in adopting this exciting new technology.

“The Statement also helps innovative businesses bottom lines by increasing the tax credits for RD and looking to make the process easier for small firms, so they can concentrate on what they went into business for, rather than worrying about the tax man.

“By providing this support, business is getting a clear indication that the Government wants to help them bring innovative new products to the market, create jobs and growth.”