Britain to Provide $160-Million to Spur Private-Sector Investment in Research

Britain’s chancellor of the exchequer announced on Wednesday during his annual budget presentation to the House of Commons that the government would provide £100-million, or nearly $160-million, in new financing “for investment in major new university research facilities.” Details of how the funds would be spent have not yet been disclosed, but according to a government statement, the money will be devoted to “large capital projects” that are also able to attract “significant private investment.” The universities minister, David Willetts, said in a written statement that the £100-million “could bring in upwards of £200-million additional private funding to help stimulate innovation and secure our high-tech future.”

The president of Universities UK, the representative organization for university vice chancellors, called the announcement “extremely good news for students, universities, and business,” in a written statement, adding that the money would “kick-start new research projects, encourage innovation, and bind universities and industry even closer together.”

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