<p>On Friday 19 May the Government announced its new National Semiconductor Strategy.</p><p>Through the Strategy we announced an investment of up to £200 million over the years 2023-25 and up to £1 billion in the next decade.</p><p>This builds upon significant support for high-tech enterprise including a £500 million per year package of support for R&D intensive businesses through changes to R&D tax credits announced in the Spring Budget and through ‘full expensing’ for companies incurring qualifying expenditure on the provision of new plant and machinery.</p><p>In addition, this government has already provided funding for both research and innovation in semiconductor technology. Through InnovateUK, we have distributed £214m of grants over the last 10 years directly to SMEs in the semiconductor sector</p><p>However, we want to do more to support businesses big and small, and in every part of the sector, to pursue opportunities within the sector that build on our proud history of innovation and strong foundations in this vital technology. We will announce plans by the autumn to further support the competitiveness of the semiconductor manufacturing sector that is critical to the UK tech ecosystem or the UK’s national security.</p><p>The full text of the Strategy can be found <a href="https://www.gov.uk/government/publications/national-semiconductor-strategy" target="_blank">here</a>.</p>