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Chancellor pledges £20m for spin outs at UCL East
21 November 2023
The Chancellor of the Exchequer Jeremy Hunt announced a £20m injection of cash towards turning university research into new companies during a visit to UCL East, accompanied by Secretary of State for Science, Innovation and Technology Michelle Donelan.
The pledge came just a day before the Autumn Statement and coincided with an independent report into a review of what are called spin out companies, one way in which universities can commercialise their research.
The Chancellor, Secretary of State and the Minister for Science, Innovation and Technology Andrew Griffith were welcomed to the UCL East campus by Prof Paola Lettieri FREng, Pro-Provost UCL East, Dr Michael Spence, UCL President and Provost and UCL Business CEO Dr Anne Lane.
Photo: Secretary of State for Science, Innovation and Technology Michelle Donelan and Chancellor Jeremy Hunt stand in front of the Gaia globe artwork in the atrium of the Marshgate building at UCL East on Queen Elizabeth Olympic Park. Credit: Kirsty O'Connor/HM Treasury