In a major boost to Science and Technology sectors, the UK government is planning to infuse £86 billion ($116.4 billion). The fresh investment will be announced by Chancellor and Exchequer Rachel Reeves. It is a part of the government’s plan to invest in Britain’s renewal through our Modern Industrial Strategy, a press release of the UK government said on Sunday, June 8.
According to the release, the UK will boost its status in research and innovation with a funding package worth more than £22.5 billion a year in 2029/2030.
The £86 bn investment will be diverted towards investments in several key projects including the exploration of new drug treatments and longer lasting batteries, to new AI breakthroughs.
Investment package to drive new jobs: UK Govt
The package will also boost economic growth of the country and drive new jobs while ensuring that the UK leads the way in pioneering the technologies of the future, the government release read.
The new package announcement comes ahead of the Spending Review, where the Chancellor will set out how the government will invest in Britain’s renewal by investing in the people’s priorities: health, security and the economy.
The Chancellor will outline this government’s investment in Britain’s renewal through projects that will bring jobs and prosperity, putting more money in working people’s pockets.
“Britain is the home of science and technology. Through the Plan for Change, we are investing in Britain’s renewal to create jobs, protect our security against foreign threats and make working families better off,” Reeves said.
Speaking on the investment in research and development, Science and Technology Secretary, Peter Kyle, said, “R&D is the very foundation of the breakthroughs that make our lives easier and healthier – from new medicines enabling us to live longer, more fulfilled lives to developments in AI giving us time back, from easing our train journeys through to creating the technology we need to protect our planet from climate change”.