The UK government has confirmed a substantial investment of £55 billion aimed at advancing research and development (R&D) in science and technology. The funding will be allocated to various research agencies and organizations to promote innovation across multiple sectors, including clean energy and healthcare.
This long-term financial support, outlined by the Department for Science, Innovation and Technology (DSIT), is part of a larger £86 billion package for R&D that was initially announced during the Chancellor”s spending review in June. The allocations were officially announced on Thursday.
Science and Technology Secretary Liz Kendall highlighted the significance of this funding during a recent visit to the London office of tech giant IBM. During her tour, she witnessed advancements in technology, including a robotic dog and a quantum computer. IBM is currently collaborating with publicly funded researchers to explore how artificial intelligence (AI) and supercomputing can lead to discoveries in new medicines and breakthroughs in clean energy.
During her visit, Ms. Kendall stated, “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 emphasized that every pound of public investment in R&D tends to attract double the amount from the private sector. Furthermore, businesses receiving R&D funding typically experience a growth rate of 20% and an increase in workforce size by a similar margin.
Ms. Kendall remarked, “This is really critical to growing the economy, creating more good jobs, but also solving some of the big problems the country faces, creating more effective treatments and drugs and medicines, tackling climate change – all sorts of innovation which is really important.” She underscored the transformative potential of developments in AI, quantum technology, and robotics, which could enhance public services and lead to improved healthcare outcomes.
The funding allocations, which will span the spending review period concluding in 2029/30, include over £1.4 billion earmarked for the Met Office to bolster climate science initiatives, along with more than £900 million designated for the UK”s National Academies. Additionally, over £550 million is allocated to the National Measurement System, which encompasses measurement laboratories, and £240 million is set aside for the AI Safety Institute, which focuses on evaluating AI impacts and mitigating associated risks.
Notable 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 utilized for screening liquids at airports.
