The government has outlined plans to free up £4.7bn in new funding for research and development (R&D) for areas including artificial intelligence (AI), robotics and 5G technologies,
The funding is designed to ensure the UK can capitalise on its expertise in such areas, as outlined in point one of the government's ten-point plan dubbed Building our Industrial Strategy.
"We must become a more innovative economy and do more to commercialise our world leading science base to drive growth across the UK."
One area of focus for this is skills, with the government saying more people need to have science, technology, engineering and maths (STEM) skills to ensure there is a talented base for employees.
"We must help people and businesses to thrive by: ensuring everyone has the basic skills needed in a modern economy; building a new system of technical education to benefit the half of young people who do not go to university; boosting STEM skills, digital skills and numeracy; and by raising skill levels in lagging areas."
The government also said digital infrastructure would be improved, likely a reference to funding outlined in November 2016 for more fibre networks, and providing low-cost, clean energy for businesses as part of a move to a low-carbon economy.
Prime minister Theresa May said focusing on such areas would ensure the nation was well-placed for the future.
"The Modern Industrial Strategy will back Britain for the long term: creating the conditions where successful businesses can emerge and grow, and backing them to invest in the long-term future of our country," she said.
"It will be underpinned by a new approach to government, not just stepping back but stepping up to a new, active role that backs business and ensures more people in all corners of the country share in the benefits of its success."
The full details of the funding and plans for how it will be spent will be outlined later in a full Green Paper, that will be released after a speech by May officially announcing the Industrial Strategy.
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