The UK’s Department for Science, Innovation and Technology (DSIT) has confirmed the allocation of its £55bn research and development (R&D) funding for its associated research agencies and bodies.
The funding will go towards a wide range of science and technology projects as part of DSIT’s plan to support long-term R&D funding.
DSIT’s funding allocations, announced by Tech Secretary Liz Kendall on Thursday during a visit to IBM’s London base, incudes significant support for the technologies outlined as essential drivers of economic growth in the government’s modern industrial strategy. Among these are quantum technologies, robotics and life sciences.
Alongside the funding announcement, analysis has been published revealing the value of public investment in R&D. The analysis claims that every £1 spent returns £8 in net economic benefits over the long-term.
“Backing our best and brightest researchers and innovators is essential. They are making the impossible, possible, from health to clean energy and beyond,” said Kendall.
“Their ideas will create tomorrow’s industries, boosting growth and transforming public services now and in the future. By investing in their work, we are backing the long-term success of the UK, by paving the way for breakthroughs that will help us all to live and work better.”
Recent examples of research backed by public R&D spending include £129m towards BioNTech’s centres developing new cancer medicines, £22m to develop usable quantum computers and £44m put towards AI and bioengineering for the development of cleaner manufacturing processes.
The full details of UK Research and Innovation’s budgets will be published later this year.
