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| Budget 2017: Philip Hammond announces new £2.5bn investment fund and £500m for tech industry | Budget 2017: Philip Hammond announces new £2.5bn investment fund and £500m for tech industry |
| (1 day later) | |
| Chancellor Philip Hammond has announced £2.5bn of investment to kickstart the UK’s lacklustre productivity. | Chancellor Philip Hammond has announced £2.5bn of investment to kickstart the UK’s lacklustre productivity. |
| The British Business Bank will be seeded with £2.5bn of public money, Mr Hammond said. The Government is also set invest over £500m in a range of initiatives from artificial intelligence, to 5G and full fibre broadband, the chancellor announced in his budget speech on Wednesday. | The British Business Bank will be seeded with £2.5bn of public money, Mr Hammond said. The Government is also set invest over £500m in a range of initiatives from artificial intelligence, to 5G and full fibre broadband, the chancellor announced in his budget speech on Wednesday. |
| “We have some of the world’s best companies and a commanding position in a raft of tech and digital industries that will form the backbone of the global economy of the future,” Mr Hammond said. | “We have some of the world’s best companies and a commanding position in a raft of tech and digital industries that will form the backbone of the global economy of the future,” Mr Hammond said. |
| “Those who underestimate Britain do so at their peril.” | “Those who underestimate Britain do so at their peril.” |
| “Because we will harness this potential and turn it into the high paid high productivity jobs of tomorrow,” Mr Hammond said. | “Because we will harness this potential and turn it into the high paid high productivity jobs of tomorrow,” Mr Hammond said. |
| “Others may choose to reject the future, we choose to embrace it. | “Others may choose to reject the future, we choose to embrace it. |
| “A new tech business is funded every hour and I want that to be every half hour. So today we invest over £500m in a range of initiatives from artificial intelligence to 5G and full-fibre broadband. | “A new tech business is funded every hour and I want that to be every half hour. So today we invest over £500m in a range of initiatives from artificial intelligence to 5G and full-fibre broadband. |
| “We support regulatory innovation with a new regulator’s pioneer fund and a new geospatial data commission to develop a strategy for using the government’s location data to support economic growth and to help our tech start-ups reach scale. | |
| Productivity growth in the UK remains weak and the job prospects of many adults are "hurt" by poor literacy and numeracy skills, according to a report from Paris-based think tank the OECD on Monday. | Productivity growth in the UK remains weak and the job prospects of many adults are "hurt" by poor literacy and numeracy skills, according to a report from Paris-based think tank the OECD on Monday. |
| It said lifelong learning should be encouraged among adults and more should be done to promote skills. | It said lifelong learning should be encouraged among adults and more should be done to promote skills. |
| Its study found that the share of young adults enrolled in vocational education and training has risen to 43 per cent, but remains lower than many European countries. | Its study found that the share of young adults enrolled in vocational education and training has risen to 43 per cent, but remains lower than many European countries. |