Government's £80 million for innovation

Trade and Industry Secretary Alan Johnson has announced that UK business is to get £80 million next month to support technology innovation.

The money, announced by the Secretary of State during his budget address to Parliament, is the latest round of the Government's £370 million Technology Programme that aims to boost the UK economy through innovation.

Johnson said, "I am delighted to announce the latest £80 million competition for collaborative R&D under the Technology Programme. This will help to fund new collaborative research in vital areas underpinning our Technology Strategy, such as low carbon energy technologies and innovative manufacturing processes.

The funding from today's announcement will support collaborative research and development in seven key technology areas identified by the Technology Strategy Board as critical to the UK's growth.

The competition will open next month. On the same day, the DTI will publish medium term strategies in areas which it wants business to develop further. The DTI said the strategies provide a focus and create a dialogue for taking forward activity in areas where UK business can succeed. As each area evolves, new challenges and opportunities will emerge through research, networking, regulation, standards and measurements and procurement.