The UK government has announced a major investment of £86 billion ($116 billion) in research and development, marking a significant boost to innovation funding.
The Treasury Secretary, Rachel Reeves, revealed the funding commitment as part of this week’s spending review.
This substantial package aims to support a wide range of cutting-edge technologies, including new pharmaceuticals, longer-lasting batteries, and advancements in artificial intelligence.
By 2029-2030, annual R\&D funding is expected to reach over £22.5 billion, creating new jobs and driving economic growth across the country.
Reeves is set to allocate more than £2 trillion ($2.7 trillion) of public funds among government ministers on Wednesday, shaping the priorities and projects that the Labour government, which came to power last year, will pursue over the next four years.
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