The UK government has announced a significant investment of £55 billion aimed at bolstering research and development (R&D) in science and technology. This funding will support various sectors, including clean energy and healthcare, as confirmed by the Department for Science, Innovation and Technology (DSIT) on Thursday.
This long-term funding is part of an £86 billion package for science and technology R&D that was outlined by the Chancellor during the spending review in June. The announcement was highlighted by Liz Kendall, the Secretary of State for Science and Technology, during her visit to IBM“s office in London, where she explored advanced technologies including a robotic dog and a quantum computer.
According to the DSIT, IBM is collaborating with publicly funded researchers to explore how artificial intelligence (AI) and supercomputing can accelerate the discovery of new medicines and advancements in clean energy.
Kendall emphasized the importance of this investment, stating, “The £55 billion investment into research and development that we are announcing today, a record level, is absolutely critical to growing the economy and creating more good jobs.” She further noted that every pound of public investment in R&D tends to attract double that amount from the private sector.
Moreover, businesses receiving R&D funding typically experience growth rates 20% higher than those that do not, alongside a corresponding increase in workforce size. “This is really critical to growing the economy, creating more good jobs, but also solving some of the big problems the country faces,” she added.
Kendall also addressed the potential of recent advancements in AI, quantum computing, and robotics to enhance public services, leading to better health outcomes and possibly even cures for diseases. “I see this as beneficial for both the economy and to ensure that we provide better value for taxpayers” money,” she remarked.
The funding allocations, which cover the period until 2029/30, include over £1.4 billion designated for the Met Office to advance climate science and more than £900 million for the UK”s National Academies. Additionally, the National Measurement System will receive more than £550 million, and £240 million is allocated to the AI Safety Institute, whose mission is to assess the impacts of AI and mitigate associated risks.
Notable past recipients of funding from UK Research and Innovation (UKRI) include Oxford Nanopore, which is developing the world”s first pandemic early warning system, and Cobalt Light Systems, known for their technology used in liquid screening at airports.
