The chancellor pledged £270m to keep the UK at the forefront of “disruptive technologies like biotech, robotic systems and driverless vehicles”.These technologies will be supported through the Industrial Strategy Challenge Fund (ISCF), which will support collaborations between business and the UK’s science base. The funding will cover an initial investment of £270m in 2017-18, which will include work in the development, design and manufacture of EV batteries.

“The chancellor’s announcement of £270m for robots, driverless cars and biotech is a welcome boost for automotive companies and will benefit consumers,” commented John Leech, head of automotive at KPMG UK.

“This investment will enable the UK to be an early adopter of shared-use driverless cars and Britain’s consumers will enjoy the largest cost savings in the world from this technology.

“The measures announced today by the Government will support the development of internationally competitive businesses in the rapidly evolving mobility ecosystem.”