The UK Government has unveiled plans aimed at making the UK the world’s most innovative nation by 2030 by investing £725million to “transform” industries.
The money includes £170million towards building houses that are more affordable and use less energy, and £210million to improve early diagnosis of illnesses and development of “precision medicine” for patients.
The measures are part of the Industrial Strategy, which sets out the government’s long-term vision on how to tackle the UK’s poor productivity, embrace technological change and boost wages.
The £725million will go into a fund over the next three years – on top of previously announced £1billion towards projects, although ministers said around £80billion could be invested in advanced technology in the next decade.
The government aims to press ahead with so-called sector deals covering life sciences, construction, artificial intelligence and automotive. Ministers said they represented a new strategic and long-term partnership with government, backed by private sector co-investment.
Business groups welcomed the Industrial Strategy but unions and opposition parties attacked it, with one official branding it a “joke”.
GMB union leader Tim Roache said: “To suggest what we need are ‘new business models’ in care as part of an industrial strategy is an unfunny joke from a government that just doesn’t get it.”