University of Ulster research leader Professor Hugh McKenna has welcomed yesterday's Budget announcement of a new £100m fund to develop university-business innovation partnerships.

Professor McKenna, who is Pro-Vice-Chancellor for Research & Innovation, said:

"We are absolutely delighted that the Chancellor has been able to announce today this £100m boost for university-industry research collaboration. It will enormously strengthen co-operation between the business world and the university sector, helping bring the best ideas from our brightest minds to help economic growth in ways never before possible

"The University of Ulster has a long, strong track record of engagement with business in research, in business innovation, in knowledge transfer and the creation of spin-out companies.

"The timescale is very tight, but building on our existing partnerships, we are confident we can bring forward exciting projects and collaborations that will ensure Northern Ireland makes the most of this new opportunity to move university and business closer together for the economic benefit of our society as a whole.

"Today's announcement is good news for higher education, good news for business, and good news for Northern Ireland."

ENDS