A new fund worth £57.5 million for the UK’s energy and infrastructure, bio-medical and quantum technology sectors has been launched by the then-Business Secretary Sajid Javid. The best ideas will compete for funding to develop new sustainable-energy and transport solutions, bring new health-care advances to market and drive forward commercial advances in quantum technology (used in electronic devices such as clocks and computers).

Mr Javid said: “Creating opportunities for businesses to thrive in the UK is essential for increasing productivity, creating jobs and boosting our economy. That’s why the Government is working with businesses across all sectors to ensure they have the support they need to grow — now and in the future.

"Part of our success will be to help propel innovative UK businesses even further; not only do our world-leading innovators and research base attract foreign investment, their ideas go on to improve the lives of millions of people. Whether tackling climate change or cancer, this new funding will help get the best ideas onto the market quicker; it shows our commitment to making the UK the best place in Europe to innovate, set up and grow a business.”