Chancellor Rachel Reeves has announced a £22.5bn-a-year commitment in research and development (R&D) aimed at supporting advancements in areas such as AI, sustainable energy technologies and life sciences.
The R&D funding package forms part of this week’s spending review, which sets out how public funds are to be allocated over the next four years.
The first of the spending review announcements was made last week when Reeves revealed £15.6bn will be invested in local transport in city regions in Northern England, Midlands and the South West.
She has said this new £86bn R&D package will be used to “turbo-charge” the UK’s fastest-growing sectors, from tech and life sciences to advanced manufacturing and defence.
It forms part of the government’s plan to “invest in Britain’s renewal” through the Modern Industrial Strategy, which is now scheduled for release at the end of June 2025.
The £86bn “bumper funding package” – worth more than £22.5bn a year in 2029/30 – will help stimulate...