According to the UK Treasury, new plans are soon to be unveiled involving a £1.4 billion investment fund for innovative businesses. The new initiative will see Chancellor Rishi Sunak outline plans to funnel money into key UK sectors and attract foreign talent.
Through the Global Britain Investment Fund, grants will be awarded to encourage internationally mobile enterprises to invest in some of the UK’s key industries, including automotive and life sciences.
The fund will provide £354 million in support for investments in life sciences manufacturing to increasing resilience against future pandemics. It will also offer over £800 million worth of investment in the supply chain and production of electric vehicles (EVs).
As part of the initiative, an all-new “talent network” will be established in locations renowned for innovation. These include San Francisco’s Bay Area and Boston in the United States, and India’s Bengaluru.
In a statement, Chancellor Sunak commented:
“We want to make the UK the best place in the world to start, grow and invest in a business, as we continue to support enterprise, create jobs, and level up as we recover from the pandemic and look to the future.”
By the year 2023, the upcoming programme will expand further to reach six countries around the world. Target areas will include research institutions, innovation hubs and universities to attract the cream of foreign talent to support the UK’s tech and science sectors.
Those interested in growing sectors and seeking investment advice in Chester, Birmingham and other UK cities often look to wealth managers for guidance.