The Technology Strategy Board (TSB), a public body set up to help businesses commercialise their innovations, has received its biggest ever budget of £440 million.

TSB’s Delivery Plan aims to invest more than £300 million through 75 new projects that will drive growth across the UK.

Around 60% of funding is going to small and medium-sized enterprises (SMEs), including several digital technology businesses.

Some £25 million will go to programmes in the energy sector, with £20 million to support transport initiatives.

The TSB points to independent research showing that every £1 it invests returns £7 to the UK economy.

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