London: British finance minister Rachel Reeves is set to unveil a sweeping allocation of £86 billion ($116 billion) towards research and development (R&D) in this week’s spending review, the Department for Science, Innovation and Technology (DSIT) confirmed on Sunday.
The major funding package will support a wide range of innovation-driven sectors, including advanced drug development, next-generation battery technologies, and artificial intelligence. According to DSIT, the investment will steadily rise to over £22.5 billion annually by the 2029/30 fiscal year, with a strong emphasis on creating high-skilled jobs and driving long-term economic growth.
The R&D commitment forms part of Reeves’ broader plan to distribute over £2 trillion ($2.7 trillion) in public funds across government departments on Wednesday. This high-stakes review will outline key priorities for the Labour government, which recently marked its first year in office.
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The science and technology boost follows Reeves’ announcement last week of a £15.6 billion investment in local transport networks, particularly targeting city regions across Northern England, the Midlands, and the South West. That pledge underlined the government’s commitment to regional economic revitalization and infrastructure upgrades.
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The combined initiatives underscore Labour’s strategic focus on innovation, regional equity, and long-term economic competitiveness.
