The UK government has announced a significant funding increase of £55 billion aimed at bolstering research and development (R&D) across various sectors, including clean energy and healthcare. This announcement was made by the Department for Science, Innovation and Technology (DSIT) on Thursday.
The funding is part of a broader £86 billion package for science and technology R&D that was initially revealed by the Chancellor during the spending review in June. The allocations are designed to support UK research agencies and other bodies in their innovation efforts.
During a visit to IBM”s London headquarters, Science and Technology Secretary Liz Kendall emphasized the critical nature of this investment. She remarked, “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.”
Kendall highlighted the strong return on investment for public funding in R&D, stating that for every pound spent, the private sector contributes double. She also noted that businesses receiving R&D funding tend to grow their operations and workforce by approximately 20% more than those that do not.
The Secretary underscored the potential of this funding to address significant national challenges, such as improving treatment options and combating climate change through innovation in various fields, including artificial intelligence, quantum computing, and robotics.
The funding allocations cover the spending review period, which extends to 2029/30. This includes over £1.4 billion earmarked for the Met Office to enhance climate science initiatives and more than £900 million for the UK”s National Academies. Additionally, over £550 million has been allocated for the National Measurement System, which consists of measurement laboratories, and £240 million is designated for the AI Safety Institute, focusing on evaluating and mitigating the risks associated with artificial intelligence.
Organizations that have previously benefited from funding through UK Research and Innovation (UKRI) include Oxford Nanopore, which is creating the world”s first pandemic early warning system, and Cobalt Light Systems, known for developing technology used for screening liquids at airports.
