Innovation game: £1.6bn promised for the UK’s modern industrial strategy as entrepreneurs get a boost

The chancellor today promised £1.6bn of new investment into the government's modern industrial strategy, in a bid to ramp up the UK's digital infrastructure and power the country's startups.

It will also be followed by an additional £150m in funding for fellowships to foster the UK's burgeoning skills pool with both homegrown and international talent, and £115m for the UK's range of digital catapult centres.

Dedicated to boosting innovation in areas such as artificial intelligence, nuclear fusion and quantum computing, further details on these measures will be unveiled in the Budget Red Book.

Will Fraser-Allen, deputy managing partner at Albion Capital, said: "The chancellor's Budget is extremely positive for the UK's entrepreneurs and, in particular, its thriving community of young technology companies.

"The government has clearly recognised the role that tech scale-ups play in the economy and has given the green light on a range of initiatives to ensure the UK is at the forefront of business innovation."

Tax relief for entrepreneurs, meanwhile, will remain as the period to qualify will be extended from 12 months to two years. 

These measures, Hammond added, will benefit the UK's "digital infrastructure to power this country into the 21st century".