In today’s UK Budget the Chancellor, Rishi Sunak, has announced the largest ever increase in Research and Development funding. £22 billion of public money will be invested in R&D, in addition to existing private investment. This is with the aim of bringing the total public and private investment in R&D to 2.4% of the UK’s GDP.
The Chancellor has also allocated £800 million to setting up a blue-skies research organisation run along similar lines to the US Defense Advanced Research Projects Agency (DARPA). See our earlier article.
It is encouraging to see that R&D is a key part of the UK government’s growth strategy..