LONDON - The British government plans to provide taxpayer funding to support the country's semiconductor companies, Bloomberg reported on Wednesday.

The support will include seed money for startups, help for existing firms to scale up and new incentives for private venture capital, Bloomberg reported, citing officials familiar with the plans.

A British government spokesperson said they do not comment on speculation when asked about the report, adding that the country's semiconductor strategy will be published in due course.

The government said last month that it was exploring national initiatives to expand the domestic chip industry, including potentially establishing a new institution as part of its plans to boost the infrastructure.

The strategy will aim to "unlock the full potential" of microchip businesses and support jobs, and will also seek to ensure a reliable supply of semiconductors, Britain's Department for Digital, Culture, Media & Sport (DCMS) said in the statement. 

Reuters