£50m hi-tech boost 'fantastic news' - IQE chief executive

UK ministers will invest £50m in a "ground-breaking new innovation centre" in Wales, the chancellor has announced.

George Osborne said it would specialise in compound semiconductors - technology behind devices including smart phones.

The innovation centre would bring together leading businesses, engineers and experts and receive £50m a year from the UK government up to 2020/21.

Dr Drew Nelson, president and chief executive of compound semiconductor group IQE, external - which is based in St Mellons, Cardiff - called the announcement fantastic news.

He told BBC Wales economics correspondent Sarah Dickins it could lead eventually to 5,000 future hi-tech jobs over the next five years