In the UK, funding for breakthroughs in research and development will be increased to improve lives, create jobs and grow the economy.
From technology to screen baggage at airports to keep people safe, to new medicine that changes lives, the inventors and innovators behind the breakthroughs in UK research and development that drive growth and improve everyday life are calling for a £55bn funding boost to take their research to the next level.
The Department for Science, Innovation and Technology has confirmed long-term funding for UK research institutions and organizations, making significant investments to help them make advances in science and technology.
These allocations provide visibility and clarity in the development of DSIT’s R&D plans and substantially increase the Department’s overall R&D budget.
How is private investment driving research and development in the UK?
The Science and Technology Secretary announced the new allocation on a visit to IBM’s London site to see first-hand how private investment is underpinning the strength of the UK’s public R&D offer and boosting research from quantum to robotics.
Publicly funded research in the UK has already delivered some of the most important advances in recent years, including the first cutting-edge antibody products that have transformed some cancers from a sure death sentence to a manageable chronic disease.
Furthermore, analysis published today shows the value of private investment in research and development, showing that on average, every £1 of private investment in research and development attracts an additional £2 of private investment.
Science and Technology Secretary Liz Kendall said: “Supporting our nation’s brightest researchers and innovators is essential. From health to clean energy and beyond, they are making the impossible possible.”
“By investing in their work, we are supporting Britain’s long-term success and paving the way for breakthroughs that help us all live and work better.”
Public funding paves the way for major industry breakthroughs
Furthermore, the analysis reveals the value of public investment in research and development in the UK, revealing that every £1 spent delivers a net economic benefit of £8 over the long term.
In the six years after receiving their first R&D grant, the average company saw a 21% increase in employment and a 23% increase in sales compared to similar companies that did not receive support.
Some of the UK’s most innovative companies benefit from public research and development funding, which contributes to their success.
From health tech to clean energy, the possibilities are endless
IBM is working with publicly funded researchers through UKRI’s £210m Hartley Center to deploy AI, quantum computing and supercomputing to discover new medicines and clean energy breakthroughs.
The company is also one of several technology vendors offering access to cutting-edge quantum computing resources through the National Quantum Computing Center, which will benefit from 10 years of government funding, the first of its kind.
Oxford Nanopore, which is developing the world’s first pandemic early warning system, and Cobalt Light Systems, which is developing technology used to screen liquids at airports, have both benefited from UKRI funding in the past few years.
Today, Oxford Nanopore is a FTSE 250 listed company and Cobalt Light Systems’ equipment is used in over 70 airports around the world.
Meanwhile, British quantum company Oxford Quantum Circuits has raised $100 million in Series B funding to bring the first-ever quantum computer to New York City.
Research and development funding creates millions of new jobs and grows the economy
Research and development is also at the heart of around three million jobs in the UK, and has the power to create even more jobs as discoveries continue.
DSIT’s overall R&D budget will increase in real terms during the Spending Review period to a total of £58.5 billion from 2026/2027 to 2029/2030.
The funding confirmed today comes from the £86bn of innovative funding for public research and development announced by the Chancellor in the Spending Review, of which £55bn is being detailed today.
Funding for further research and development programs will also be confirmed in due course.
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