The United Kingdom has announced a $117 billion science and technology funding package to accelerate economic growth. Chancellor of Exchequer Rachel Reeves is set to discuss the details of the funding in the upcoming Spending Review.
According to a government press release, the commitment includes over $30.5 billion annually in research and innovation funding by 2029-2030, supporting breakthroughs in the life sciences, artificial intelligence, advanced manufacturing and defense. The allocation will also enable regional authorities to establish innovation clusters to drive local development.
Through the funding package, Liverpool is expected to expand its life sciences capabilities to support drug discovery, while Northern Ireland will focus on defense technologies to enhance national security. In South Wales, government backing will strengthen the semiconductor industry, which is critical to mobile and electric vehicle components.
“Incredible and ambitious research goes on in every corner of our country,” Science and Technology Secretary Peter Kyle said in a statement. “Which is why empowering regions to harness local expertise and skills for all of our benefit is at the heart of this new funding – helping to deliver the economic growth at the centre of our Plan for Change.”
At the Spending Review, Reeves will tackle targeted investments in health, security and the economy. “Britain is the home of science and technology,” Reeves said, adding that the government’s Plan for Change will boost job creation, strengthen national resilience and improve the livelihoods of working families.
This funding package builds on London’s global research and development efforts. In January, the U.K. and Canada awarded over $7 million to 10 joint quantum technology projects tied to their national strategies. Earlier, the U.K. also signed an agreement with Singapore to promote responsible AI development and create shared policies that enhance public trust in the emerging technology.