Chancellor Philip Hammond announced earlier this month that Britain’s researchers and entrepreneurs will benefit from an additional £780 million to create the technologies of tomorrow, saying he will expand successful ‘catapult centres’ that are “fuelling innovation across the country.

This new funding backs Britain’s brightest talent — supporting work in high-tech labs, cutting-edge factories and advanced training centres.”

Making the announcement during a visit to the West Midlands on the day GDP figures showed that the UK economy had grown by 0.4%, Mr Hammond said: “It is by backing innovative British companies to grow and create jobs that we will continue this progress and build our economy.

“Today’s £780 million investment will support innovators across the country to create the technologies of the future — and the better highly paid jobs we urgently need.

“This builds on £180 million announced by the Prime Minister for centres in the North East last month, taking the total of additional funding to almost £1 billion.”

Mr Hammond went on to say that the catapult network supports sectors and technologies that are going to be in high demand in the years ahead. “It brings together the best of UK business, science and engineering to work side by side in research and development to ‘catapult’ products from ideas to market.

“It helps remove barriers to growth, which often can include access to finance, inadequate facilities or skills shortages.

“In their first five years, the catapults have helped some 3,000 small businesses to develop and exploit new technologies.

“They operate more than £850 million worth of world-class facilities and are also training hundreds of apprentices and doctoral students.”