Labour has disclosed a £55 billion funding initiative for science and technology, designating it as the largest enduring investment in UK research and development (R&D). This initiative, announced by the Department of Science, Innovation and Technology (DSIT), intends to direct billions towards British research organisations and innovation entities up to 2030. This effort is part of the government’s plan to position Britain as a “science and technology superpower.”
Technology secretary Liz Kendall told City AM that this unprecedented investment is aimed at “growing the economy, generating quality jobs, and addressing some of the most significant challenges we encounter.” Kendall stressed that the £55 billion allocation for R&D is vital for economic advancement and job creation, highlighting that “for every pound of taxpayer money invested in R&D, the private sector receives double in return.”
The funding encompasses £38 billion earmarked for UK Research and Innovation (UKRI), the UK’s primary funding body for science, £1.4 billion for the Met Office, and £900 million for the national academies of the UK. Furthermore, the government confirmed that the budget for the Advanced Research and Invention Agency (ARIA) will increase from £220 million to £400 million per year by 2030.
Kendall made these statements during her visit to IBM’s London headquarters on Wednesday, emphasising the partnership between public and private research sectors. This collaboration includes IBM’s involvement with UKRI’s £210 million Hartree Centre, which concentrates on AI and supercomputing applications in medicine and clean energy.
Recent research from DSIT reveals that every £1 spent on public R&D generates £8 in broader economic advantages, which consist of private investment and productivity enhancement. These R&D promises align with wider governmental efforts to boost economic growth and back its Modern Industrial Strategy, unveiled earlier this year. Under the new guidelines, total R&D expenditure by DSIT is expected to hit £58.5 billion by the decade’s conclusion.
“This is centred on quality jobs, innovation, and enhanced value for taxpayers,” Kendall commented to City AM. “There’s no pathway to above-average growth without prioritising technology and innovation,” she maintained. This announcement also responds to calls from business organisations, such as the CBI, which have pressed the government to establish long-term R&D objectives to raise investment to 3.4 percent of GDP by 2030 and attract greater private funding.
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