This and other UK initiatives such as the one on Internet of Things by ESP-KTN are on the right track. I suppose it is easier to initiate and execute initiatives like these to address future growth sectors & markets for countries in the EU than in US. There are many STEM efforts in the US but they need to be closely tied to industrial partnerships.
The UK government is gradually becoming more pro-active on the technology and manufacturing fronts: a change from the days of Margaret Thatcher.
However, what inspires me is not so much the government's involvement in this but that smart minds from the UK electronics environment knowing when to compete hard and when to cooperate for the common and national good.