£1bn fund looks to back Scots firms

A QUANGO with £1 billion to spend supporting UK technology firms said yesterday it needs to up its investment in Scotland.

The Technology Strategy Board (TSB) met 150 firms in Edinburgh to discuss funding.

At the same time, the Scottish Government announced it was pouring 750,000 into a new 90 million TSB fund to develop sustainable agriculture and food innovation over the next five years.

Richard Lochhead, Scottish rural affairs secretary, said he was hopeful that the investment would "attract additional funding".

TSB chief executive Iain Gray said he would like to see more focus from the Scottish Government on procuring technology from indigenous businesses.

"We are here … to make sure that this money provides the maximum possible benefit for the Scottish economy," Gray said.