Chancellor pledges £20.4bn to R&D with sector’s highest level of government investment
Rachel Reeves has invested the highest ever amount into R&D, and local companies anticipate a renewed focus on innovation and growth.
Following last week’s budget announcement, the country has had some time to reflect on the investments made by the new Labour Government, particularly the £20.4bn pledged to UK research and development (R&D), specifically how this will have a local impact.
This investment marks the highest ever level of government funding in this sector, reflecting the new Government’s commitment to innovation within R&D.
With so many science and research campuses based around Oxfordshire, it is interesting to consider how this will impact the county.
Just one of the many local science enterprises is the UK Atomic Energy Authority (UKAEA), specifically the Culham Centre for Fusion Energy (CCFE), which, as its name suggests, focuses on fusion.
As part of this investment, the government committed to “significant support in 2025-26 for UK fusion energy research, to build on the UK’s position as a global leader in sustainable energy.”
UKAEA’s CEO, Professor Sir Ian Chapman, stated “UKAEA welcomes and appreciates the Government’s continued support for fusion energy development and is committed to working with the Department for Energy Security and Net Zero in delivering its ambitious plans.”
The plans being made at UKAEA include “building on our strong position in fusion science and technology with a focus on innovation and growth and helping develop “a dynamic investment economy” as part of the UK’s Industrial Strategy,” Chapman added.
Science and Technology Secretary Peter Kyle commented on the Budget, explaining that it is “clear recognition of this Government’s view that driving economic growth and improving people’s lives cannot be done without investing in science and technology.”
There is also a strong focus on “empowering researchers and businesses to solve real-world problems, grow emerging new industries and create high-quality jobs,” according to Kyle.