The UK government has confirmed a substantial investment of £55 billion aimed at enhancing research and development in science and technology. This funding will be allocated to various UK research agencies and organizations to foster innovation across multiple sectors, particularly focusing on clean energy and health.
The announcement was made by the Department for Science, Innovation and Technology (DSIT) on Thursday, detailing that this long-term funding initiative is part of a broader £86 billion package for R&D in science and technology, which was first introduced by the Chancellor during the spending review in June.
To mark this significant development, Science and Technology Secretary Liz Kendall visited the London office of tech giant IBM, where she engaged with advanced technology, including a robotic dog and a quantum computer. IBM is currently collaborating with publicly funded researchers to explore the applications of artificial intelligence and supercomputing in the discovery of new medicines and advancements in clean energy.
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 noted that every pound of public funding in R&D is likely to attract double that amount from the private sector. Furthermore, businesses receiving R&D funding tend to experience an average growth rate that is 20% higher and expand their workforce by a similar margin.
Kendall continued, “This is crucial not only for economic growth and job creation but also for addressing significant national challenges, including the development of more effective treatments and medicines and tackling climate change.” She expressed optimism about the advancements in AI, quantum computing, and robotics, highlighting their potential to enhance public services and deliver better outcomes, including improved health treatments.
The funding allocations, which extend through the spending review period until 2029/30, include over £1.4 billion designated for the Met Office to bolster climate science, alongside more than £900 million for the UK”s National Academies. Additionally, the National Measurement System will receive over £550 million for its measurement laboratories, while the AI Safety Institute is allocated £240 million to assess the impacts of AI and manage associated risks.
Previous recipients of funding from UK Research and Innovation (UKRI) include Oxford Nanopore, renowned for developing the world”s first pandemic early warning system, and Cobalt Light Systems, which manufactures the technology used for liquid screening at airports.
