IN his first budget the Chancellor promised a £16million investment in the UK's 5G mobile network.

Philip Hammond also announced £200 million to support local “full-fibre” broadband network and £270 million to put the UK “at the forefront” of technology, including robotics, biotech and driverless cars. Here's what 5G is all about and why it could be so significant.

There is no official definition of 5G but it is thought to be similar to its predecessors, 3G and 4G.

It will be a wireless connection built specifically to give devices – like your mobile phone or tablet – a faster and more reliable internet connection.

The “G” in 5G stands for “generation” – that’s why it is known as “next-generation technology”.

The Next Generation Mobile Networks (NGMN) has stated 5G needs to feature higher speeds.

This will mean 5G will be able to carry more data which therefore provides greater coverage.

Companies such as BT, Vodaphone and Nokia have also given the development of 5G their support.

How much faster will it be than 4G?
The exact speeds are yet to be finalised.

The Next Generation Mobile Networks alliance states that for something to be considered 5G it must offer faster data rates.

NGMN is hoping for speeds of 20Gbps and one millisecond latency.

This would provide download speeds which are 40 times faster than 4G.

NGMN believes 5G would provide an era of being able to download files in the blink of an eye - vital to the success of smart homes and self-driving cars.

Does 5G have a launch date?
Speaking in March 2018, Mark Evans from o2 said: "I think that [5G] won't arrive for a number of years - 2020 plus."

However, in September 2018 EE confirmed that it is to launch 5G mobile phone services across the UK in 2019, a full year ahead of many of its European neighbours. EE will switch on its 5G network in 2019, with some 5G sites being built on top of upgraded existing 4G sites. The company is also repurposing 3G spectrum that it bought in 2004 to boost 4G availability on its networks today.

When it does arrive though, 5G could offer massive savings for consumers.

A report from Juniper Research said £145 would be saved on energy bills as a result of 5G-enabled smart grids providing better distribution.

While it could also help councils reduce waste bills as well. Lowering council taxes in the process.