The British government plans to provide funding to British semiconductor companies to help accelerate their growth, according to Bloomberg. The British Treasury has not yet agreed on an overall figure, but it is expected to be in the billions of pounds, a person familiar with the matter said.
That will include seed funding for startups, help for existing companies to scale up and new incentives for private venture capital, Bloomberg said, citing officials familiar with the plan. Ministers will set up a semiconductor working group to coordinate public and private support to increase the manufacture of compound semiconductors in Britain over the next three years, they added.
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Asked about the report, a British government spokesman said they would not comment on speculation, stressing only that the country’s semiconductor strategy would be published in due course. The U.K. government said last month that it is exploring national initiatives to expand the domestic chip industry, including the possible creation of a new body as part of its plans to boost infrastructure.
The U.K. Department for Digital, Culture, Media and Sport (DCMS) said in a statement that the strategy aims to “unlock the full potential of the chip business” and support jobs, and will also seek to ensure a reliable supply of semiconductors.