Tech

UK government plows £71m into London tech as part of £780m package

London's tech researchers and entrepreneurs have scored the first boost from an extra £780m in government funding, destined for innovation centres up and down the country.

Chancellor Philip Hammond will announce later today the government's aim of expanding of its so-called catapult centres of innovation, which support sectors and technologies thought to be in high demand in the years to come.

The Treasury will put up £780m in total additional funding, building on the back of a £180m push given to the UK's north eastern centres last month.

As the first centre to be a part of the expansion, the Cell and Gene Therapy Catapult inside London's Guys Hospital will receive £71m from the Treasury.

"We are backing innovative British companies to grow and create jobs, as we build an economy fit for the future," said Hammond in a statement this morning.

"Todays £71 million investment for London will support innovators across the capital to create the technologies of the future and the better, highly-paid jobs we all want to see."

Read more: UK fintech scores the global top spot for investment so far in 2018

London's tech scene has flourished in recent years despite concerns over the impact of Brexit, with its fintech sector receiving more funding from investors in the last six months than any other country globally.

The news comes as the latest GDP figures showed the UK economy has doubled its pace of growth, boosted by good weather.

The Chancellor's office said the move is part of its approach to encourage UK debt to fall while investing in high-skilled jobs.

Read more: Former Obama economic adviser to take the lead on UK tech

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