Multi-billion-pound funding to accelerate UK’s high-growth sectors

The UK Government is set to announce an investment of £86 billion in next week’s Spending Review, aimed at boosting the country’s highest growth sectors, such as life sciences.

The review will specify how the government is planning to invest in Britain’s renewal, which helps to drive its Plan for Change. This commitment will support a broad range of sectors, including advanced manufacturing.

A funding package worth over £22.5 billion annually in 2029 will enhance Britain’s leading position in research and innovation, according to the Department for Science, Innovation and Technology (DSIT) and government MPs. It will help boost new jobs and economic growth and ensure the UK is a leader in pioneering future technologies.

‘But while it’s positive under the financial circumstances, a flat real-terms science budget, along with continuing barriers such as high visa costs for talented scientists and the university funding crisis, won’t be enough for the UK make the advances it needs to secure its reputation for science in an increasingly competitive world,” remarked John-Arne Røttingen, Chief Executive of Wellcome.

“It does look like the core science budget could increase by 10 percent over the next four years. In difficult financial circumstances, that would be a vote of confidence in research and innovation and in the people and ideas that will increase productivity, drive growth and improve lives across the UK. Such an uplift would protect science from real terms cuts in the coming years and hopefully lay the ground for real terms increases once the country’s finances improve,” Adrian Smith, President the Royal Society stated.

Boosting local innovation and economic growth in the UK

The new R&D package provides local leaders with governmental backing to develop ‘innovation clusters’ in every region and nation. It means research investment can be focused and leaders can harness the talent in the community, boosting high skilled jobs.

At least £30 million would be awarded to each of the 7 Established Mayoral Strategic Authorities in England, in addition to one equivalent region in each of Scotland, Wales and Northern Ireland.

A competition, open to all other parts of the UK, is also included in the fund. It is intended to support growth of high potential innovation clusters and will be based on a principle of co-created with UK research and innovation (UKRI).

The UK Government’s “investment backs regions to lead the way in the industries [like life sciences] that will define the future…. regions across the UK have the skills and the ideas – they just need the investment and the power to match. This will drive innovation that not only grows the economy but creates jobs, builds opportunity, improves health and changes lives,” Richard Parker, Mayor of the West Midlands commented.