In order to support the sector and lessen reliance on other nations, the U.K. government will provide subsidies to semiconductor companies, according to officials quoted by Bloomberg.

According to the report, « the U.K. government will grant direct public cash to promote British semiconductor companies as part of a strategy to (support) the sector. »

The officials note that the financing will be accessible for both new firms and those looking to expand. In addition, the ministers would establish a task force « to coordinate public and commercial assistance » for semiconductor production in the country over the following three years.

Although the Treasury Department has not agreed the precise amount of financial support, a source told the agency that it may be up to 10 billion pounds.

The government has previously been under fire from the British Parliament’s Committee on Business, Energy, and Industrial Strategy for lacking a plan for the growth of the semiconductor industry.

source: bloomberg.com