David Cameron pledges £73m for Internet of Things research

Prime Minister David Cameron has announced the creation of a 73 million fund to boost UK research efforts into the Internet of Things.

He also revealed a new European Internet of Things grant fund, valued at up to 1 million, for companies taking advantage of the opportunities offered in this emerging field of technology.

Speaking at CeBIT in Hannover, Germany, Cameron said he wanted to turn the Internet of Things "from a slogan into a fact".

Furthermore, Cameron said he has tasked the Government's chief scientific advisor with finding out what more the UK can to do to make this happen.

The Prime Minister claimed the world was on the brink of a "new industrial revolution" that he wanted the UK and Germany to lead.

"I see the Internet of Things as a huge transformative development, a way of boosting productivity, of keeping us healthier, making transport more efficient, reducing energy needs, tackling climate change," said Cameron.

"This is a world on fast forward, a world of permanent technological revolution, and in this world countries like the UK and Germany will only succeed if we have a relentless drive for new ideas and innovations," he added.

Cameron said in the UK, the Government and telecoms regulator Ofcom were putting infrastructure in place to take a more flexible approach to the use of the radio spectrum.

"As our Spectrum Strategy will set out...we aim to double the economic benefits of spectrum to UK companies and consumers from roughly 50 billion today, to 100 billion in 2025," he said.

The strategy is expected to be announced later today on 10 March.

Cameron concluded by seeking to reaffirm the UK Government's commitment to collaboration with Germany in driving forward the Internet of Things.

"Take British ingenuity in software, services and design, add German excellence in engineering and industrial manufacturing, and together we can lead in this new revolution," he said.