Some £725 million is being invested in a new Industrial Strategy Challenge Fund to promote future innovation and technology.

Today's announcement by the Government came as two pharmaceutical companies said they would be creating hundreds of new jobs in the UK.

MSD, which goes under the title of Merck in North America, will back a new research centre in London with around 950 new posts created.

And the Germany firm Qiagen has announced it will develop a Manchester-based genomics and diagnostics campus creating up to 800 jobs.

The Government unveiled its flagship industrial strategy for the UK today which it hopes will boost the economy, build on the country's strengths and embrace the opportunities of technological change.

With the aim of making the UK the world's most innovative nation by 2030, the government has committed to investing a further £725 million over the next 3 years in the Industrial Strategy Challenge Fund (ISCF) to respond to some of the greatest global challenges and the opportunities faced by the UK.

This will include £170 million to transform our construction sector

Prime Minister Theresa May said: "Our modern Industrial Strategy will shape a stronger and fairer economy for decades to come.

"It will help create the conditions where successful businesses can emerge and grow, and support these businesses in seizing the big opportunities of our time, such as artificial intelligence and big data, whilst also making sure our young people have the skills to take on the high-paid, high-skilled jobs this creates.

"As we leave the European Union and forge a new path for ourselves, we need to focus on building a better future for our country and all the people who live in it."

Image: Department for Business, Energy and Industrial Strategy