By Emeka Blast 
Shadow Chancellor Reeves to Announce £86bn Science and Tech Package
Chancellor Rachel Reeves is set to announce an £86 billion funding package for science and technology in the upcoming spending review. This substantial investment aims to bolster the UK’s research and development (R&D) sector, focusing on areas such as advanced drug treatments, durable batteries, artificial intelligence, and sustainable energy technologies.
Key Details of the £86 Billion Investment
- Annual Funding Commitment: The government plans to allocate over £22.5 billion annually to R&D by the end of the decade, marking a significant increase in support for innovation.
- Regional Investment: Up to £500 million will be distributed to regional authorities, with each of England’s seven mayoral strategic areas receiving at least £30 million. This approach aims to leverage local expertise and drive economic growth across the country.
- Strategic Focus Areas:
- Liverpool: Funding will support advancements in drug discovery and life sciences.
- South Wales: Investment will enhance the semiconductor industry, focusing on microchip design for mobile phones and electric vehicles.
- Northern Ireland: Resources will be directed towards the defence sector.
- Manchester and Cambridge: A business investment initiative will be supported to foster collaboration between these innovation hubs.
Broader Spending Review Context
The £86 billion R&D investment is part of a larger spending review that includes:
- NHS Funding: An additional £30 billion over the next three years to support healthcare services.
- Education: An increase of £4.5 billion annually for schools to enhance educational outcomes.
- Infrastructure: Over £2 trillion allocated for housing, transport, and energy projects, including the Sizewell C nuclear plant and a new rail link between Liverpool and Manchester.
Chancellor Reeves has emphasized the importance of investing in science and technology as a catalyst for economic growth, likening her strategy to Steve Jobs’s revival of Apple.
The spending review is scheduled for announcement on June 11, 2025, and is expected to shape the government’s fiscal policy for the coming years.
