The UK government has announced a significant funding boost of £55 billion aimed at enhancing research and development in science and technology. This investment is targeted at various sectors, including clean energy and health, according to the Department for Science, Innovation and Technology (DSIT).
The funding is part of a broader £86 billion package for research and development that was revealed by the Chancellor during the spending review in June. This allocation marks a historic level of investment for the UK, aimed at fostering innovation and addressing critical challenges facing the nation.
On Wednesday, Science and Technology Secretary Liz Kendall visited the London office of tech leader IBM to highlight the announcement. During her visit, she explored the company”s facilities and observed advancements such as a robotic dog and a quantum computer. IBM is collaborating with publicly funded researchers to leverage artificial intelligence and supercomputing in the quest for new medicinal discoveries and advancements in clean energy.
Kendall emphasized the importance of this investment, stating, “The £55 billion investment into research and development that we are announcing today, a record level, is absolutely critical to growing the economy and creating more good jobs.” She noted that for every pound of public funding allocated to research and development, there is typically a corresponding doubling of investment from the private sector.
Moreover, Kendall pointed out that companies receiving R&D funding tend to grow significantly faster, typically expanding their workforce by approximately 20%. This growth is vital not only for economic development but also for addressing pressing issues such as enhancing healthcare treatments, combating climate change, and driving various innovations.
During her visit, she acknowledged the transformative developments in AI, quantum technologies, and robotics that are poised to enhance public services, leading to improved healthcare outcomes and potentially even cures for diseases. “This is about both good for the economy, but also to make sure we get better value for taxpayers” money,” she stated.
The funding allocations will be distributed over the spending review period ending in 2029/30. Among the allocations, over £1.4 billion will go to the Met Office to bolster climate science initiatives, while more than £900 million is earmarked for the UK”s National Academies. Additionally, over £550 million has been designated for the National Measurement System, which includes various measurement laboratories, and £240 million will support the AI Safety Institute, focusing on assessing the impacts of AI and mitigating 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 used for liquid screening at airports.
