Mark Whitehead 20 November 2017

City regions get £1.7bn funding boost to transform transport

City regions get £1.7bn funding boost to transform transport

Prime minister Theresa May was today announcing major new government backing for UK research and development in industry and transport between cities.

A £1.7bn 'transforming cities fund' will improve transport links and promote local growth within city regions, including £250m for better transport in the West Midlands.

Mrs May said the government will increase spending on research and development to 2.4% of GDP by 2027 with the aim of increasing investment from the private and public sectors by £80bn over the same period.

The government says it will work with business, academia and civil society to build on UK strengths in these areas and ensure Britain’s economy is 'fit for the future'.

Writing in a national newspaper today Mrs May said: 'This is a new long-term approach to shaping a stronger and fairer economy for decades to come.

'It helps young people to develop the skills they need to take up the high-paid, high-skilled jobs of the future.

'Our industrial strategy will propel Britain to global leadership of the industries of the future, seizing the big opportunities of our time – from artificial intelligence and big data to clean energy and self-driving vehicles.'

Henri Murison, director of the Northern Powerhouse Partnership said: 'We at the Northern Powerhouse Partnership know that to create 850,000 additional jobs for the Northern Powerhouse by 2050 we will need to run innovation challenges which correspond to the Northern Powerhouse four prime capabilities of digital, advanced manufacturing, health innovation and energy.

'The northern Local Enterprise Partnership’s have come together and through Innovate North so we will have an effective way to invest the additional money government are committing.'

 
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