Government announce new measures to support modern Industrial Strategy

By March 25, 2019 Press Releases

On 13 March 2019, the Chancellor of the Exchequer, Philip Hammond MP, delivered his 2019 Spring Statement.

As part of the Government’s plan to invest 2.4% of GDP by 2027 in innovative research and development, create jobs, growth and opportunity, a new package of measures to support the delivery of the modern Industrial Strategy has been announced.

The new package includes:

  • £79 million to build a new ‘supercomputer’ in Edinburgh for complex calculations for research and industry projects across the UK
  • £45 million to support genetic research in Cambridge for complex health conditions
  • commitment to fusion research at the Joint European Torus (JET) megaproject in Culham to progress nuclear technology
  • call for evidence on supporting small businesses to reduce their energy bills
  • a commitment that new-build homes will feature more sustainable and efficient ways of heating, alongside other energy saving measures.
  • a new requirement for company Audit Committees to review payment practices and report on them in their annual accounts.
  • call for evidence on how to turn the UK into a global hub for offshore oil and gas decommissioning

The Government also announced that independent expert Professor Arindrajit Dube would be appointed to undertake a review of the impact of minimum wages internationally, as well as a series of stakeholder engagement roundtable events in conjunction with the Low Pay Commission as part of the commitment to end low pay in the UK.

More information can be found here: Spring statement 2019: what you need to know.

The Department for Business, Energy and Industrial Strategy’s press release can be found here.


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