The UK government has officially announced a substantial £55 billion funding initiative aimed at advancing research and development in science and technology. This investment is designated to bolster innovation across multiple sectors, including clean energy and healthcare.
The funding is part of a broader £86 billion package for research and development in the science and technology sectors, which was first introduced by the Chancellor during the spending review in June. The Department for Science, Innovation and Technology (DSIT) made this announcement on Thursday.
During a visit to IBM“s London office on Wednesday, Science and Technology Secretary Liz Kendall emphasized the significance of this investment, referring to it as a “record level” of funding critical for economic growth and job creation. She noted, “For every pound of public money that goes into R&D, you get double the amount from the private sector.”
Ms. Kendall highlighted that businesses receiving R&D funding typically experience a growth rate of 20% greater than those that do not, and they also tend to expand their workforce by a similar margin. “This is essential for driving economic growth, creating quality jobs, and addressing significant challenges the country faces,” she stated. “We are looking to foster innovations that lead to more effective treatments, tackle climate change, and much more.”
She also pointed out advancements in artificial intelligence, quantum computing, and robotics that can enhance public services and improve healthcare outcomes. “This investment is not only beneficial for the economy but also ensures better value for taxpayers” money,” she added.
The funding allocations span the spending review period ending in 2029/30, including over £1.4 billion earmarked for the Met Office to advance climate science, more than £900 million for the UK”s National Academies, and an additional £550 million for the National Measurement System. Furthermore, £240 million has been allocated to the AI Safety Institute, which focuses on evaluating the impacts of artificial intelligence 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 used for screening liquids at airports, according to DSIT.
