A billion pounds worth of investment is to be ploughed into a new science and innovation strategy to help boost business innovation and technology development.
The government announced the fund, which will be distributed over the next three years, in response to the review of science and innovation by Lord Sainsbury published today.
The review found that although Britain has improved its performance in recent years, it still needs to do more to stimulate innovation in industry.
The review includes recommendations for better support for early-stage high-tech small companies through government research and development procurement.
Also recommended was the building of a new technology strategy to turn good ideas into new products.
Chancellor Alistair Darling said: “The UK can only maintain its competitiveness in today's more globalised world by placing itself at the forefront of the new scientific and technological breakthroughs that determine the future face of our economy.
“This government is already investing record levels in the UK science base with the transfer of knowledge into the private sector significantly improved.
“Lord Sainsbury's recommendations today build upon this success, identifying ways in which we can reach the untapped potential in the UK economy to go further in making the UK a global leader in science and innovation.”
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