"The National Semiconductor Strategy sets out how up to £1 billion of government investment will boost the UK’s strengths and skills in design, R&D and compound semiconductors, while helping to grow domestic chip firms across the UK," the statement read.
Financial support will be delivered in installments of 200 million pounds over the years 2023-2025, followed by a billion pounds in the next decade. This money will make it easier for British firms to access prototyping, tools and business support.
The global market of semiconductors, used in virtually every piece of modern technology, is expected to grow to $1 trillion by 2030. A trillion semiconductors are produced globally every year, with China’s Taiwan, South Korea and Japan making up the top three producers.