The government of United Kingdom will invest more than $285 million in funding to assist the technology industry.
In a statement by the Conservative Party, $150 million will be used to persuade and encourage universities to cooperate in the transfer of technology and use and convert researches into viable and operational businesses, and the rest of $135 million will go toward some other projects which aim to create commercial ventures from life sciences.
Chancellor of the Exchequer Philip Hammond said,
“The government is determined to encourage the existing environment for these cutting-edge technologies by unlocking and supporting further research and development in the U.K.”
“This extra funding will help further boost the U.K.’s leading role in this sector.”
The funding is the aftermath of Kingdom’s decision to leave the European Union. The decision raised concerns about the UK’s position of tech capital of the region. Polls by Brexit and TechCity, which promoted UK’s capital London as a centre of technology, revealed that seventy-four percent of those surveyed have an opinion that environment of business will be affected negatively following the vote.