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As a prelude to this Wednesday’s Spending Review, the Chancellor Rachel Reeves has announced the UK government will invest £86bn in science and technology research and innovation. The funding, which is expected to rise to more than £22.5bn a year in 2029-30, will focus on what the government calls “the people’s priorities” of health, security and the economy.
Although the announcement lacks detail (we will have to wait a couple more days for that) it does state that £500m will be invested in regional development, with local leaders playing a role in decision making. This new Local Innovation Partnerships Fund is intended to help develop innovation clusters across the country.
Each of the seven established mayoral strategic authorities in England (Greater Manchester, West Midlands, South Yorkshire, West Yorkshire, Liverpool City Region, North East, and Greater London) will receive grants of at least £30m to support research and innovation in their region. An comparable region in Scotland, Wales and Northern Ireland will also receive an equivalent grant and additional funds will be open to all other parts of the UK via competition.
As place and innovation form key pillars in the government’s plans to kickstart economic growth, we can expect further news about regional science and technology investment on Wednesday. TechMarketView will be providing full coverage of the Spending Review and its impact on technology suppliers later this week.
Posted by: Dale Peters at 09:26
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