Government unveils £13.9bn R&D investment  – UKTN

The government has committed £13.9bn in research and development (R&D) spending, turning to new technologies to support its growth agenda. 

The funding will be allocated by the Department for Science, Innovation and Technology (DSIT) across a handful of associated agencies. 

UK Research and Innovation (UKRI) – which finances scientific research – will receive £8.8bn over the next year. The group invested £8.4bn over the 2022/23 period.

UKRI’s funding will go towards both key research areas such as medicine as well as R&D investment to progress commercial economic growth. 

DSIT estimates that each pound of public R&D investment yields double the amount of private investment in the long run. 

“R&D is essential to fulfilling this Government’s Plan for Change – whether in improving lives across the UK and beyond through new life-saving drugs, helping us build a cleaner, greener future or in exploring beyond our planet to unlock new discoveries that keep us healthy, safe and prosperous and much more besides,” said Tech Secretary Peter Kyle. 

“It is also central to creating highly paid jobs and opportunities to set up new businesses across the UK, which will drive the economic growth that is key to supporting our public services and enhancing our daily lives.” 

Nearly £670m will go towards the UK Space Agency that will back projects such as global satellite network construction. 

The Met Office – known for its weather predictions – will receive £310m to support its climate modelling. 

R&D spending is seen as an essential driver of technological and economic growth, but data over the recent past has shown the UK has lagged behind the likes of Israel, the US, Korea, Sweden and Japan in terms of R&D spend as a percentage of GDP. 

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