The UK coalition government has unveiled plans to spend £200 million on a network of six to eight hi-tech manufacturing units to help make the country's economy less dependent on financial services.
With the move, set to be overseen by the Technology Strategy Board, the government is targeting healthcare, ICT and electronics, photonics, electrical systems, energy and resource efficiency and transport systems.
Announcing the government's plans, which were first introduced by Prime Minister David Cameron in October, deputy prime minister Nick Clegg said: "It is not right, sensible or fair to be dependent solely on the City of London and on financial services. We should be at the cutting edge of science, manufacturing and technology."
“The banking crisis made one thing completely clear: Britain needs a new kind of growth. It is not right, sensible or fair to be dependent solely on the City of London and on financial services,” he added.
The entire network will work closely with the private sector and universities in order to capitalise on future developments in the global science, manufacturing and technology markets.