Britain’s finance minister, Rachel Reeves, is set to allocate £86 billion (approximately $116 billion) toward research and development as part of the government’s upcoming spending review,
the Department for Science, Innovation and Technology (DSIT) announced on Sunday.
The investment will support a wide range of scientific and technological initiatives—from advanced drug development and durable battery technology to breakthroughs in artificial intelligence. By the 2029/30 fiscal year, annual R&D funding is expected to exceed £22.5 billion, a move aimed at boosting job creation and economic growth.
On Wednesday, Reeves will unveil how more than £2 trillion ($2.7 trillion) in public funds will be distributed among government departments, in what will be a defining moment for the Labour government, now one year into its term.
The R&D funding announcement comes on the heels of Reeves’ recent pledge to invest £15.6 billion in local transport infrastructure across city regions in Northern England, the Midlands, and the South West. Photo by Lauren Hurley / No 10 Downing Street, Wikimedia commons.