Prime Minister to hand regions innovation funding to build world-leading industries
The Prime Minister announced plans to devolve innovation funding to local leaders for the first time, aiming to spread growth and opportunity across all UK regions by leveraging regional strengths in science and technology.
The Prime Minister unveiled plans to hand local leaders dedicated research and development funding for the first time, marking a shift from national-level decision-making to empower regional growth. Speaking at the Innovation Nation Summit in Manchester, he outlined a vision to make Britain a global leader in innovation by supporting people, places, and industries nationwide. The reforms aim to ensure that breakthroughs discovered in the UK are also developed, scaled, and commercialised within the country, fostering economic growth in every postcode.
Established mayoral strategic authorities in England will receive dedicated devolved later-stage innovation funding for the first time, enabling them to back promising local opportunities. This funding will be complemented by new Good Growth Funds, a flexible long-term budget empowering local leaders to invest in job creation, investment attraction, and living standards improvement. The reforms seek to reduce over-reliance on national-level decisions, giving places greater control over their economic future and unlocking new investment and better-paid jobs.
The Government will commit £1 billion through UK Research and Innovation over the next four years to support high-growth innovation clusters in priority sectors across the UK. These clusters will leverage local research excellence, businesses, and skilled workers to turn new ideas into successful companies. The Prime Minister also announced plans to establish new partnerships between innovation clusters in key sectors, such as life sciences, digital, and advanced manufacturing, to accelerate the transition of research into commercial products.
The reforms recognise that successful innovation requires more than research funding, including skilled workers, modern infrastructure, and strong links between universities and businesses. By combining national investment with local control, the Government aims to reindustrialise Britain, turning home-grown ideas into scalable businesses that create productive investment and well-paid jobs in their communities.