Leading British businesses, engineers and experts will come together in a new national innovation centre in Wales focussed on compound semiconductors, Chancellor of the Exchequer George Osborne announced bringing vital investment and jobs to the area.

On a visit to Cardiff University ahead of a major speech on the UK and Welsh economies, Mr Osborne announced further plans to put science and innovation at the heart of economic growth with the creation of a new ‘Compound Semiconductor Applications Catapult’, funded by £10 million per year of government investment up to 2020-21.

The new catapult will be based in Wales, with the specific location and founding members to be confirmed in due course.

Chancellor of the Exchequer, George Osborne said:

“Backing cutting edge science and innovation is at the heart of our long term plan to support Welsh people at every stage of their lives. That is why I am today announcing £50 million of new funding for a national semiconductor innovation centre, to bring together leading scientists and businesses to one hub in Wales.

The investment we are announcing today will ensure that Wales continues to be a world leader in science and innovation, and create vital new jobs in the area.”