The UK Government recently announced in the latest Spring budget that £270 million was to be allocated to launch an Industrial Strategy Challenge Fund. The fund is expected to support R&D in universities and businesses resulting in innovation in the following areas:
- Artificial intelligence and robotics that can function in extreme environments (e.g. offshore energy, nuclear energy and space)
- Batteries for new electric vehicles to improve air quality
- Medicine manufacturing technologies to increase patient drug access
This announcement has been welcomed as a positive development by IP attorneys at UK firms.