Spring Budget: Hammond pledges funding for skills and innovation

Spring Budget at a glance:

Britain’s preparations for a ‘global future’ were laid out today by the chancellor of exchequer who announced plans to boost productivity through investments in training and infrastructure.

Delivering his spring Budget today in Parliament, Philip Hammond said that he intends to enhance the UK’s position as a world leader in science and innovation by allocating £300m to fund new STEM-related academic research placements. Of this, £90m will go toward 1,000 new PhD places, and £210m will create new fellowships that will include funding for leading researchers from outside the UK.

Hammond added that a further £270m will help launch the Industrial Strategy Challenge Fund, which he said would keep the UK at the forefront of disruptive technologies such as biotech, robotic systems and autonomous vehicles.

Fifth generation wireless systems also received a boost with £16m for a new 5G mobile technology hub, and £200m for local projects to leverage private sector investment in full-fibre broadband networks.