While the US and EU announce bigger programmes, one British startup says the government’s investment figure is less than the cost of one basic plant

The UK government has announced an investment of up to £1bn in the domestic semiconductor industry, but has been criticised for declining to join the spending race that has seen the US and EU announce significantly bigger programmes.

Labour accused the government of lacking ambition in its announcement, while one UK startup said the £1bn figure was less than the cost of one basic semiconductor plant.