Theresa May will today visit the West Midlands to launch spending commitments for research and development, and transport links between cities.
The government has pledged to enhance its spending on research and development to 2.4 per cent of GDP by 2027, with the aim of increasing investment from both the private and public sector by £80bn over the next 10 years.
The first funding instalment will be an extra £2.3bn in 2021-22, which will raise investment in research and development in that year to £12.5bn.
A new £1.7bn "Transforming Cities" fund will improve transport connections within city regions, with £250m going towards transport in the West Midlands.
Writing in the Times, May said: “One of my first actions as Prime Minister was to begin the development of a modern industrial strategy that will help businesses to create high-quality, well paid jobs right across the country.
“This is a new long-term approach to shaping a stronger and fairer economy for decades to come.
“It helps young people to develop the skills they need to take up the high-paid, high-skilled jobs of the future."