Andy Burnham will get an extra £20m to back more ‘game-changing’ innovations in Greater Manchester. The additional investment takes the total the government is giving local leaders in Greater Manchester to fund innovative projects in the city-region to £50m.
The Department for Science, Innovation and Technology (DSIT) says that Greater Manchester’s ‘brightest minds’ have already shown what they are capable of, pointing to a local hydrogen project as one example. The AR Edtech for Hydrogen project, which was supported through the Fund’s predecessor, is helping to build the skilled workforce needed to roll out low carbon technologies.
The department says that this project is cementing Greater Manchester’s position in the global hydrogen economy which is expected to be worth $2.5 trillion by 2050. And now the government wants to ’empower’ local leaders to fund other innovative projects like it.
The announcement comes ahead of a summit in Birmingham this week that is aimed at driving investment in regions across the UK.
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Science and Technology Secretary Liz Kendall said: “Greater Manchester is built on innovation, with flourishing businesses like pharmaceutical Proveca developing drugs for children with chronic medical conditions, and UrbanChain driving the CleanTech revolution.
“We want to grasp the creativity and trailblazing ideas already thriving here and put them on the map for investment.
“Local leaders know Manchester’s strengths better than anyone. They are better placed than anyone to give this funding, the greatest impact.
“Working hand-in-hand with local leaders, we are determined to deliver meaningful economic renewal, change, and job opportunities to communities across Greater Manchester and beyond. This funding will form a critical part of that work.”
The new funding for three regions is the latest commitment from the Government’s £500m Local Innovation Partnerships Fund (LIPF). It builds on the initial £30m earmarked for each place in the Chancellor’s Spending Review in June, along with seven others regions.
The announcement comes ahead of the Regional Investment Summit will see business leaders and major investors meet with policymakers, regulators, and leaders from across the UK on Tuesday (October 21) in a bid to boost investment in every region.
Greater Manchester mayor Andy Burnham said: “Greater Manchester has an extensive innovation ecosystem, with outstanding sector strengths in areas like advanced materials, life sciences and AI, and world-leading companies, universities and research institutions.
“This additional funding is a welcome boost that will help us unlock the potential of our growth-driving sectors and build on our outstanding productivity growth in recent years.
“In piloting the Innovation Accelerator we were able to use local knowledge and understanding to translate research and development funding into business growth, new jobs and private sector investment.
“We look forward to using the Local Innovation Partnerships Fund to make an even bigger impact.”