Innovative UK companies are set to benefit from a Â£ 1.4bn investment fund to be announced in next week’s budget.
Chancellor Rishi Sunak will present plans that would inject money into key sectors and a new talent network to attract foreign talent to UK industries.
The Global Britain Investment Fund will distribute grants to encourage internationally mobile businesses to invest in critical UK industries including life sciences and automobiles.
We want to make the UK the best place in the world to start, grow and invest in a business
The Treasury said companies with “strategically important investment proposals” could get grants for their programs through the fund.
The fund includes Â£ 354million to support investments in life science manufacturing, increase resilience to future pandemics and more than Â£ 800million of investments in the production and supply chain of electric vehicles , including in the North East and the Midlands.
Mr Sunak is also expected to announce the extension of the payback loan program for a further six months until June 30, 2022, and Â£ 312million for the British Business Bank’s start-up loan program to provide 33 000 loans to UK entrepreneurs looking to start. or develop their business.
A new talent network will also be set up in innovation hotspots, first in the Bay Area of ââSan Francisco and Boston in the United States in 2022, then in Bengaluru in India.
By 2023, the program will expand to six countries and target universities, research institutes and innovation hubs to attract top foreign talent to UK science and technology sectors.
The Chancellor said: ‘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 businesses, create jobs and level up as we move forward. recover from the pandemic and look to the future.
âAs we shape the UK’s future as a global science and technology superpower, we will ensure that the UK continues to be the destination of choice for international talent. “
A team will support workers relocating to the UK by providing them with personalized advice and connecting them with UK based opportunities.
The Chancellor is also expected to confirm the government’s intention to facilitate business relocation to the UK through a new redomiciliation scheme similar to those available in Canada, New Zealand, Switzerland and a number of US states. , thereby strengthening the UK’s position as a global business center and an open, competitive market economy.
It is hoped that this will allow businesses to take advantage of the UK’s world-class infrastructure and skills, while fostering employment, innovation and investment in the UK.
Rain Newton-Smith, chief economist at the Confederation of British Industry (CBI), said that to recover from the coronavirus, companies need to invest, and therefore welcomed the program.
She said: âThis program is perfect when it comes to some of our most innovative industries in the UK.
âBusinesses are hoping there will be more to come from the Chancellor next week to help businesses invest.
âThe UK has always been an attractive place for top talent. With labor shortages in the least skilled to the most skilled sectors, this new network could prove to be a useful tool in some of our most exciting and skilled industries, as well as much-needed funds to stimulate new ones. global investments in the UK. “