Brown unveils GBP 200m technology fund
22nd February 2010
The life sciences, digital and advanced manufacturing sectors will benefit from GBP 200 million from the UK Innovation Investment Fund, Gordon Brown has announced.
Speaking at the Global Investment Conference, the prime minister revealed that fund management group the European Investment Fund has raised GBP 100 million to match government finance.
He explained that the new round of investment will be targeted at UK venture funds backing technology-based companies, in order to stimulate growth, create high-skilled jobs and support the economic recovery.
The news follows last month's announcement that GBP 125 million from the fund will be channelled into the UK's low-carbon and clean-tech sectors.
'Our new GBP 325 million Innovation Investment Fund - launched as part of Building Britain's Future - shows our commitment to the industries and the technologies that will create the skilled jobs of the future,' Mr Brown commented.
Earlier this month, business secretary Lord Mandelson visited Berlin to investigate how the UK can replicate the success of Germany's network of technology and innovation centres.