Some mayoral strategic authorities in England will be able to decide how and where to target regional R&D investment through the Local Innovation Partnerships Fund, the government has announced.
The new power will be introduced after the government’s next spending review in 2027 and relates to the £500 million Local Innovation Partnerships Fund for innovative businesses in 17 regions.
Technology secretary Liz Kendall said:
“Science and technology is the ultimate driver of growth, and this government is determined to ensure every region shares in the prosperity brought about by innovation.
“Through the future devolution of Local Innovation Partnerships Fund, we are putting money and power into the hands of regional leaders that know the strengths of their communities best, allowing them to back local businesses, encourage innovation and create the high-quality jobs that will drive the growth these regions need now and in the future.”
The areas receiving funding are:
- Tay Cities Region, Scotland:
- Plymouth, Devon, Cornwall, Somerset, Dorset (Great South West)
- Bedfordshire, Buckinghamshire, Milton Keynes, Northamptonshire (Oxford-Cambridge Growth Corridor)
- Greater Lincolnshire
- South West Wales
- East Midlands
- Hull and East Yorkshire and Tees Valley
- Glasgow City Region
- West Midlands
- Greater Manchester
- South Yorkshire
- West Yorkshire
- Liverpool City Region
- North East
- Greater London
- Cardiff Capital Region
- an innovation corridor linking Belfast and Derry-Londonderry in Northern Ireland