(Bloomberg) -- The U.K. government has distributed a number of gifts to the country’s technology sector.

In his first Autumn Statement Wednesday, Chancellor of the Exchequer Philip Hammond confirmed the U.K. government would invest an additional 2 billion pounds ($2.48 billion) into technology research and development by the end of the current Parliament in 2020. Some of this money will be allocated to a new Industrial Strategy Challenge Fund that will direct it to priority technologies, including robotics and artificial intelligence.

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