In their latest move to turn the UK into a “science superpower”, the Government has unveiled a record £743.5million investment in the development of future technologies. Announced by Business Secretary Kwasi Kwarteng and Science Minister George Freeman, the funding covers a range of innovative projects which include a flying climate laboratory, and a giant “microscope” that can support vaccine discovery.
The investment, which was unveiled at the London Tech Week is part of the UK’s efforts to invest in technology, create skilled jobs and have Research and Development account for 2.4 percent of the UK’s GDP by 2027.
This announcement was part of the UK’s Innovation Strategy, “which made clear that the Government intends to put innovation at the centre of everything it does.”
This strategy was designed to ensure that Britain “is at the forefront of the latest technologies, shoring up the country’s competitiveness on the world stage and supporting the economy.”
Business Secretary Kwasi Kwarteng said: “The incredible work of the Vaccine Taskforce, housed at my Department through the pandemic, demonstrated that this country is home to some of the best scientists and innovators in the world.
“I’m immensely proud of the work we have done to support ground-breaking research so far, having confirmed £40billion in funding for R&D over the next three years and placing it at the very top of our agenda. London Tech Week itself is testament to that.
“And today, we’re announcing over £743million in investment – including in the latest quantum technologies, to ensure Britain has poll position in the global marketplace in a host of new areas.”
At the event, Mr Kwarteng announced a host of different investments, with the largest being The UKRI Infrastructure Fund, which is £481million fund for cutting-edge research and innovation infrastructure projects over the next three years.
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“As a responsible government, we must give our researchers and innovators the tools and the wherewithal to flourish.
“That’s why we’re announcing a record £743.5million package of investment into the technologies of tomorrow, putting entrepreneurs at the heart of our plans to help power our economy while tackling some of the world’s greatest challenges, and supporting our ambitions to make the UK a Science Superpower.”