A sign displaying various tech and app symbols hangs inside a retail store in London, U.K. (Photographer: Chris Ratcliffe/Bloomberg)  

U.K. Unveils $285 Million Funding to Boost Technology Industry

(Bloomberg) -- The U.K. government will invest 220 million pounds ($285 million) in funding to support the country’s technology industry.

The package includes 120 million pounds to encourage universities to collaborate in technology transfer and convert research into viable businesses, according to a statement by the ruling Conservative Party before its annual conference in Birmingham tomorrow. The remaining 100 million pounds will go toward expanding a partnership aimed at turning British innovations in life sciences into commercial ventures.

The government “is determined to encourage the existing environment for these cutting-edge technologies by unlocking and supporting further research and development in the U.K.,” Chancellor of the Exchequer Philip Hammond said in the statement. “This extra funding will help further boost the U.K.’s leading role in this sector.”

The funding comes after the U.K.’s June decision to leave the European Union has raised concerns about whether London will retain its prominence as the region’s tech capital. Brexit has prompted rival cities to try and lure investors, and a July poll by TechCity, which promotes London as a hub for technology, showed that 74 percent of those surveyed believed the business environment may worsen following the vote.