The UK government has announced a transformative £86 billion investment in science and technology, aimed at turbocharging the economy through innovation-driven growth and regional empowerment. This funding, set to reach over £22.5 billion annually by 2029/2030, forms a core part of the government’s Modern Industrial Strategy and “Plan for Change.” The package targets a broad spectrum of sectors, from life sciences and advanced manufacturing to AI and clean energy, with a deliberate focus on enabling regions to take ownership of their research agendas and economic futures.
Key elements include:
•Regional Empowerment: Up to £500 million is allocated for local innovation, with local leaders given decision-making authority through the new Local Innovation Partnerships Fund. This approach supports the creation of “innovation clusters” tailored to regional strengths, such as life sciences in Liverpool and semiconductors in South Wales.
•Economic Impact: The investment is projected to generate billions for the UK economy, create high-skilled jobs, and attract private investment—every £1 in R&D is expected to yield up to £7 in economic benefits and double in private sector leverage.
•Collaboration and Best Practices: The initiative builds on successful pilots like the Innovation Accelerator scheme and launches new partnerships, notably between Manchester and Cambridge, to foster collaboration and set global standards for city-university-government cooperation.
•Strategic Distribution: Dedicated awards of at least £30 million will go to each of the seven established mayoral authorities in England, with similar support for regions in Scotland, Wales, and Northern Ireland, and a competitive element for other high-potential areas.
This funding strategy is designed to maximize regional talent, drive national renewal, and ensure the UK remains a global leader in science and technology innovation
