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Osborne set to boost funds for innovation centres

George Osborne is expected to give a boost to UK industry next week, with the promise of a substantial increase in new funding for innovation centres known as Catapults in his Autumn Statement. Herman Hauser, whose report on innovation was the inspiration for the network of technology centres, has called for a doubling to £1bn of Innovate UK's budget for the programme by 2020. However the Chancellor is expected to commit less than that. According to one government source, Osborne is likely to earmark 'hundreds of millions' for the centres over the course of the next parliament – but most of that will come towards the end of the five-year term.

 

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