The UK government has officially announced a substantial £55 billion investment aimed at enhancing research and development in science and technology. This funding is set to support innovation across numerous sectors, including clean energy and healthcare.
According to the Department for Science, Innovation and Technology (DSIT), this long-term funding initiative will aid UK research agencies and organizations in their efforts to foster research and development. The funding allocations, which were revealed recently, stem from a larger £86 billion package for science and technology R&D introduced by the Chancellor during the spending review in June.
On Wednesday, Science and Technology Secretary Liz Kendall visited IBM“s London office to commemorate the announcement. During her visit, she toured the company”s facilities and observed advancements such as a robotic dog and a quantum computer. IBM is collaborating with publicly funded researchers to explore how artificial intelligence and supercomputing can facilitate the discovery of new medicines and innovations in clean energy.
In her remarks, Ms. Kendall emphasized the importance of the £55 billion investment, stating, “This record level of funding is critical for economic growth and the creation of quality jobs.” She noted that every pound of public investment in R&D typically generates double that amount from the private sector. Furthermore, businesses receiving R&D funding tend to experience around 20% more growth and workforce expansion.
Ms. Kendall highlighted the potential for solving pressing national issues through this funding, including the development of more effective treatments and medicines, as well as addressing climate change. She stated, “We”ve been hearing today about the huge developments in AI, quantum, and robotics, which will enable our public services to achieve better outcomes and potentially cure diseases.” This initiative not only aims to boost the economy but also seeks to ensure better value for taxpayers” money.
The funding allocations, set to cover the period ending in 2029/30, include over £1.4 billion designated for the Met Office to advance climate science, alongside more than £900 million for the UK”s National Academies. Additionally, over £550 million has been earmarked for the National Measurement System, which encompasses various measurement laboratories, and £240 million for the AI Safety Institute, which focuses on evaluating AI impacts and mitigating associated risks.
Previous recipients of funding from UK Research and Innovation (UKRI) include Oxford Nanopore, known for developing the world”s first pandemic early warning system, and Cobalt Light Systems, which produces technology for screening liquids at airports.
