Increased government funding for life-changing technologies

  • The Business Secretary and the Science Minister address London Tech Week, the annual showcase of the UK technology sector.
  • The government is committing a combined £743.5 million to a range of innovative projects including a flying climate lab and a giant ‘microscope’ that can support vaccine discovery.
  • investment supports government goal of R&D contributing 2.4% to GDP by 2027

The Government today announced a record £743.5 million investment in tomorrow’s technologies to help secure the UK’s place as the world’s scientific superpower.

The funds, announced at London Tech Week (June 13-17, 2022), will support the development of innovations ranging from autonomous vehicles to airborne laboratories as part of broader government efforts to invest in technology, create skilled jobs and make grow the economy.

This follows the publication of the Innovation Strategy last year, which made it clear that the government intends to put innovation at the heart of everything it does, ensuring the UK is at the forefront of the latest technologies. , underpinning the country’s competitiveness on the world stage and supporting the economy.

This will lay the groundwork for the future of the British people – it will create jobs, improve industry and improve the lives of millions by providing skilled jobs for the future across the country.

Business Secretary Kwasi Kwarteng said:

The incredible work of the Vaccine Task Force, housed in my apartment during the pandemic, demonstrated that this country is home to some of the best scientists and innovators in the world.

I am immensely proud of the work we have done to support pioneering research so far, having confirmed £40 billion in funding for R&D in the next 3 years and putting it at the top of our agenda. London Tech Week itself is testament to that.

And today, we are announcing an investment of over £743m, including in the latest quantum technologies, to ensure Britain has a prime position in the global market in a number of new areas.

Speaking at today’s event, Business Secretary Kwasi Kwarteng announced a series of substantial investments in the latest technologies.

These include:

  • the United Kingdom Infrastructure Fund – £481m in cutting-edge research and innovation infrastructure projects over the next 3 years, some of which are subject to a business case
  • United KingdomAccelerating Impact Programme: £118 million for the best, brightest and most disruptive ideas coming out of UK universities, to help turn them into innovative businesses and services.
  • United KingdomISCF Commercializing Quantum Technologies Challenge: Winners will receive £6m funding across 16 projects to help realize a “quantum-enabled economy”, a key goal of the upcoming HMG Quantum strategy.

Also speaking at London Tech Week, Science Minister George Freeman announced:

  • The Innovate UK Fast Start Competition, which will provide a new series of Fast Start grants worth £30 million to support UK start-ups and entrepreneurs to develop innovative new products, processes and services, building the UK’s future economy United in key sectors from healthcare to climate. technology
  • the continuation of United KingdomThe Future Leaders Fellowships, for which a new round of £100 million of new funding is planned, support the best and brightest people in universities, businesses and other research settings to commercialize new technologies.
  • the launch of United Kingdom‘s Authorization of a Responsible AI The Ecosystem programme, led by the Arts and Humanities Research Council (AHRC) and supported by £8.5 million, is the UK’s first major research program on AI ethics of this scale. It will bring together diverse research perspectives, from the humanities to computer science, to help address some of the most important ethical questions raised by AI to build public trust, drive adoption and harness the potential of technology responsibly

Together they amount to £743.5m, part of the government’s £40bn. R&D planned investment for the next 3 years.

All innovative projects that receive this investment have the potential to generate significant benefits for the UK economy and society. In many cases they are already doing so, whether through an innovative giant ‘microscope’ that has supported the discovery of a synthetic vaccine for foot-and-mouth disease, or a flying laboratory that allows scientists to track and assess pollution, climate and the effects of climate change.

Addressing an audience of investors, policymakers and industry leaders at the Quantum Computing Summit today, Mr. Kwarteng highlighted how projects supported by the latest round of United KingdomThe Quantum Technologies Commercialization Challenge will support the development of new quantum products, meaning £153 million will be invested over the life of the programme, helping companies to commercialize quantum technologies.

Supporting innovative entrepreneurs

Speaking at Digital Catapult’s Cyber-Physical Future Forum, Science Minister George Freeman confirmed an additional package of support programs for innovators and entrepreneurs.

Science Minister George Freeman said:

As the entire government focuses on addressing the cost of living, I firmly believe that an innovation-driven economy will deliver the jobs, growth, and prosperity we need to help us rebuild across the country.

We live in a time of great technological change. New technologies are creating new industries at a rate that would have been thought impossible even 10 years ago. As a responsible government, we must give our researchers and innovators the tools and means to thrive.

That’s why we’re announcing a record £743.5 million investment package in tomorrow’s technologies, putting entrepreneurs at the heart of our plans to help drive our economy while tackling some of the world’s biggest challenges and supporting our ambitions to make the UK a scientific superpower.

It announced a new round of Future Leaders Grants, worth £100 million, which will support talented researchers and innovators from the UK and around the world to develop and commercialize their work.

The government has also announced the 84 winners of the previous round of Future Leader Fellowship funding, who will be supported by £98 million to help commercialize technologies with the power to tackle global challenges head-on.

These include a fleet of self-directed satellites capable of tracking and mitigating natural disasters, injectable gels to deliver life-changing tissue regeneration therapies, and clog-resistant permeable pavements that mitigate the impacts of climate change and urbanization-related flooding.

Minister Freeman also announced a £30m Fast Start grant scheme, to be launched to help small and micro businesses develop new innovations.

He highlighted how a new research programme, the first of its kind, will be backed by £8.5m government funding to tackle the biggest ethical issues raised by artificial intelligence, to build public trust and ensure the potential for technology can be used responsibly.

Leave a Comment