Spring statement support for modern industrial strategy

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Ambitious plans to boost the UK’s economic ambition to invest 2.4% of GDP by 2024 in innovative research and development, creating jobs, growth and opportunity in every part of the country, have been unveiled.

The new package of measures to support the delivery of the modern Industrial Strategy includes:

  • £79 million to build a new ‘supercomputer’ in Edinburgh for complex calculations for research and industry projects across the UK
  • £45 million to support genetic research in Cambridge for complex health conditions
  • commitment to fusion research at the Joint European Torus (JET) megaproject in Culham to progress nuclear technology
  • a call for evidence on supporting small businesses to reduce their energy bills
  • a commitment that new-build homes will feature more sustainable and efficient ways of heating, alongside other energy saving measures.
  • a new requirement for company Audit Committees to review payment practices and report on them in their annual accounts.
  • a call for evidence on how to turn the UK into a global hub for offshore oil and gas decommissioning
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The government also announced that independent expert Professor Arindrajit Dube would be appointed to undertake a review of the impact of minimum wages internationally. The government will also be engaging with stakeholders through a roundtable in conjunction with the Low Pay Commission as part of the commitment to end low pay in the UK.

Further details in Spring statement 2019: what you need to know.

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