Monday, March 4, 2024

Britain Announces $1.2 Billion of Support for Semiconductor Industry after US and EU

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The UK recently announced up to £1 billion ($1.24 billion) of support for its semiconductor industry to give a push to its domestic chip-making abilities and prevent further disruptions to supply chain systems after the call for help from leaders at some of the country’s leading companies.

The investment will be a part of a 20-year strategy on semiconductors outlining the U.K.’s priority to secure its supply of semiconductor chips and protect against national security threats.

The 20-year strategy sets out a range of measures targeted at growing the U.K.’s chip sector, bridging the threat of supply chain disruptions, and protecting the security of the nation.

The U.K. will look to boost cooperation with global partners as part of its semiconductor strategy. Britain also struck a deal with Japan recently to increase collaboration on semiconductors as well as defense.

The government will first invest around £200 million from 2023 to 2025 before expanding its target to £1 billion in the coming decade. The funding will be used to enhance the talent pipeline as well as access to tools, prototyping, and business support.

British Prime Minister Rishi Sunak said, “Semiconductors underpin the devices we use every day and will be crucial to advancing the technologies of tomorrow. Our new strategy focuses our efforts on where our strengths lie, in areas like research and design, so we can build our competitive edge on the global stage.”

British Prime Minister added, “By increasing the capabilities and resilience of our world-leading semiconductor industry, we will grow our economy, create new jobs and stay at the forefront of new technological breakthroughs.”

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