UK plans $1.26 billion of semiconductor investment in new strategy

Britain announced $1.26 billion (£1 billion) of investment for its semiconductor sector on Friday in a long-awaited strategy that aims to strengthen the domestic industry and chip supply chains.

The strategy focuses on Britain’s role in designing semiconductors, used in everything from cars to smartphones and washing machines, the government’s newly formed department for science, innovation and technology (DSIT) said.

“Our new strategy focuses our efforts on where our strengths lie, in areas like research and design, so we can build our competitive edge on the global stage,” Prime Minister Rishi Sunak said in a statement.