The British government will invest £1 billion ($2.04 billion) over the next three years to boost business innovation and technology development.

The announcement came following a round table discussion at 10 Downing Street Friday morning. Chairing the discussion, Prime Minister Gordon Brown said that the UK "must be a global leader in science and innovation."

The planned investment arises from a review on science and innovation launched Friday in Downing Street by Lord Sainsbury. In his report, Lord Sainsbury says that Britain has significantly improved its innovation performance in recent years but needs to do more.

The report outlines new measures aimed at improving the teaching of science, technology, engineering and mathematics, as well as increasing international collaborations to help attract researchers from abroad and link British researchers with the best and brightest researchers globally. It also recommends the launching of a campaign to improve the teaching and learning of science in schools.

The recommendations of the review will be implemented through a detailed strategy to be drawn up by the Department of Innovation, Universities and Skills (DIUS). Accepting Lord Sainsbury's findings, Skills Secretary John Denham said that the UK needed to attract "the best and brightest researchers" in order to tap into "new, high-value markets, based on our talent, infrastructure and innovation."