The UK government has confirmed a substantial £55 billion boost for research and development in science and technology, aimed at fostering innovation across multiple sectors, including clean energy and health. This long-term funding initiative was announced by the Department for Science, Innovation and Technology (DSIT) on Thursday.
This funding is part of an £86 billion package previously revealed by the Chancellor during the spending review in June. During a recent visit to IBM”s London office, Liz Kendall, the Secretary of State for Science and Technology, emphasized the significance of this investment, which she described as a record level of funding essential for economic growth and job creation.
“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,” said Kendall. She highlighted the correlation between public investment in R&D and private sector returns, noting that for every pound of public funding, the private sector typically invests double that amount.
Kendall further elaborated that businesses receiving R&D funding tend to experience an average growth of 20% and expand their workforce by a similar margin. This investment is viewed as crucial not only for stimulating economic growth but also for addressing significant challenges such as developing effective treatments and tackling climate change.
During her visit to IBM, she witnessed advancements in artificial intelligence, quantum computing, and robotics, technologies that have the potential to enhance public services and deliver better health outcomes. “This investment is about delivering value for taxpayers” money as well,” she added.
The funding allocations will cover the spending review period, which extends to 2029/30. Among the allocations are over £1.4 billion earmarked for the Met Office to bolster climate science efforts, and more than £900 million for the UK”s National Academies. Additionally, the National Measurement System will receive a boost of over £550 million, alongside £240 million allocated to the AI Safety Institute, which focuses on evaluating AI impacts and mitigating associated risks.
Prior recipients of funding from UK Research and Innovation (UKRI) include Oxford Nanopore, known for developing the world”s first early warning system for pandemics, and Cobalt Light Systems, which creates technology used for screening liquids at airports.
