Chancellor to give science and technology an £86bn funding boost

As part of the review, regions will be handed up to £500m with local leaders able to decide how to target their research investment.

In a statement, North East Mayor Kim McGuinness said: “Our region is already an advanced manufacturing powerhouse and this announcement boosts my mission to create new growth, new jobs and new opportunities in two exciting ways. 

“We will now be able to support more research and development projects in established sectors, like the car industry and green energy, which are cornerstones of the North East economy, and we can also invest in new technologies from kitchen table innovations to our fast-emerging trailblazers in the space industry and AI.”

The new funding will build on work already underway to transform local communities through the Innovation Accelerator pilot scheme, a new funding approach and partnership between local authorities and government.

It has so far supported new technology developed by the Greater Manchester advanced diagnostic accelerator, delivering quicker and cheaper detection for liver, heart and lung diseases. Moonbility in the West Midlands is using AI software helping train companies simulate potential disruption to the network in real time so they can alert passengers on delays and giving advice on replanning journeys.