The UK government has confirmed a significant £55 billion investment aimed at enhancing research and development (R&D) in various sectors, including clean energy and healthcare. This funding will be accessible to UK research agencies and organizations, as announced by the Department for Science, Innovation and Technology (DSIT) on Thursday.
This allocation is part of a broader £86 billion funding package for science and technology R&D, previously outlined by the Chancellor during the spending review in June. The announcement was highlighted by Science and Technology Secretary Liz Kendall, who visited IBM“s London office, where she explored their facilities and observed cutting-edge technologies such as a robotic dog and a quantum computer.
During her visit, Kendall emphasized the importance 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 pointed out that public investment in R&D tends to attract substantial private sector funding, often doubling the initial public investment.
Kendall also noted that businesses receiving R&D funding typically experience a 20% increase in growth and workforce expansion. This funding is crucial not only for economic growth and job creation but also for addressing major challenges the UK faces, including the development of effective treatments and medicines and efforts to combat climate change.
The funding allocations, which extend through the spending review period ending in 2029/30, include over £1.4 billion earmarked for the Met Office to bolster climate science, 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 for the AI Safety Institute, which focuses on assessing AI impacts and risk mitigation.
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 airport liquid screening.
