The UK government has confirmed a substantial £55 billion investment aimed at boosting research and development in various sectors, including clean energy and health. This long-term funding initiative was announced by the Department for Science, Innovation and Technology (DSIT) on Thursday, following an earlier announcement of an £86 billion package for science and technology R&D by the Chancellor during the spending review in June.
On Wednesday, Liz Kendall, the Science and Technology Secretary, celebrated the funding announcement with a visit to IBM“s London headquarters, where she toured the facilities and observed innovations such as a robotic dog and a quantum computer. The company is collaborating with publicly funded researchers to explore the application of artificial intelligence and supercomputing to discover new medicines and advancements in clean energy, according to the DSIT.
During her visit, Kendall emphasized the significance of this record investment, 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 highlighted that for every pound of public funding directed toward R&D, there is a corresponding increase from the private sector, effectively doubling the investment.
Kendall also noted that businesses receiving R&D funding tend to grow significantly more, with an average growth rate of 20% and a corresponding increase in workforce size. She mentioned the investment”s potential to address pressing national challenges, including the development of more effective treatments and drugs, as well as combating climate change.
She further stated, “We”ve been hearing today about the huge developments in AI, quantum and robotics which will enable our public services to do more to get better results.” Kendall believes this funding will not only benefit the economy but also enhance the value received by taxpayers.
The allocations from the funding package, which extends through the spending review period ending in 2029/30, include over £1.4 billion dedicated to the Met Office for climate science support and more than £900 million for the UK”s National Academies. Additionally, over £550 million has been allocated to the National Measurement System, which encompasses measurement laboratories, and £240 million has been earmarked for the AI Safety Institute, to assess the impacts of AI and mitigate associated risks.
Previous recipients of funding from UK Research and Innovation (UKRI) include Oxford Nanopore, which is developing a pioneering pandemic early warning system, and Cobalt Light Systems, known for its liquid screening technology used at airports.
