Rachel Reeves to Announce £86 Billion Science and Technology Investment Amid Spending Cuts
Chancellor Rachel Reeves is poised to unveil an £86 billion package for science and technology during next week’s spending review, which takes place on June 11. This initiative comes as various government departments brace for budget cuts, raising concerns about balancing fiscal responsibility with election commitments.
The funding, expected to exceed £22.5 billion annually by the end of the decade, will allocate up to £500 million to regional leaders, empowering them to determine how investments are made in their local areas. The Department for Science, Innovation and Technology (DSIT) has emphasized that this approach will ensure that "every corner of the country" benefits, leveraging local expertise for economic growth.
For instance, Liverpool, known for its biotech industry, will see funding aimed at accelerating drug discovery, while South Wales, home to the UK’s largest semiconductor cluster, will focus on designing essential microchips for mobile devices and electric cars.
Ms. Reeves stated, “Britain is the home of science and technology,” and characterized this investment as crucial for creating jobs and enhancing national security against foreign threats. Peter Kyle, Secretary of State for Science and Technology, echoed this message, highlighting the ambitious research occurring throughout the UK and the importance of regional empowerment.
Local leaders have welcomed the funding; however, the Institute of Physics called for a long-term strategic plan for science, including addressing workforce needs. Meanwhile, Vivienne Stern of Universities UK praised the government’s approach as a “smart investment,” emphasizing the role of academia in driving long-term economic growth.
The funding package marks a pivotal moment for the UK’s scientific community, laying the groundwork for innovation that has the potential to transform local economies across the nation.
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