The UK government has confirmed a substantial £55 billion boost for research and development in science and technology, aimed at fostering innovation across various sectors, including clean energy and healthcare. The announcement was made by the Department for Science, Innovation and Technology (DSIT) on Thursday.
This long-term funding initiative is part of an overall £86 billion package for R&D that was unveiled by the Chancellor during the spending review in June. On Wednesday, Science and Technology Secretary Liz Kendall visited the London office of tech giant IBM to mark the occasion, where she explored the facilities and observed advancements such as a robotic dog and a quantum computer.
IBM is currently collaborating with publicly funded researchers to explore how artificial intelligence and supercomputing can be leveraged to discover new medications and breakthroughs in clean energy, according to the DSIT.
During her visit, Kendall emphasized the significance of this record-level investment in R&D, stating, “The £55 billion investment into research and development that we are announcing today is absolutely critical to growing the economy and creating more good jobs.” She pointed out that for every pound of public funding allocated to R&D, there is a corresponding doubling of private sector investment.
Furthermore, Kendall highlighted that businesses receiving R&D funding typically experience an average growth rate that is 20% higher and expand their workforce by a similar margin. “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, referencing the potential for innovation in developing effective treatments and addressing climate change.
The funding allocations will cover the period ending in 2029/30 and include over £1.4 billion earmarked for the Met Office to enhance climate science research, as well as more than £900 million for the UK”s National Academies. Additionally, over £550 million will support the National Measurement System, which encompasses various measurement laboratories, and £240 million is dedicated to the AI Safety Institute, which assesses AI impacts and seeks to mitigate 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.
