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The government has today announced a record 拢743.5 million of investment into the technologies of tomorrow to help secure the UK鈥檚 place as a global Science Superpower.

The funds, announced at London Tech Week (13-17 June 2022), will support the development of innovations ranging from autonomous vehicles to airborne laboratories as part of wider government efforts to invest in tech, create skilled jobs and grow the economy.

This follows the publication of last year鈥檚 Innovation Strategy, which made clear that the government intends to put innovation at the centre of everything it does, ensuring the UK is at the forefront of the latest technologies, shoring up the country鈥檚 competitiveness on the world stage and supporting the economy.

This will lay the foundations for the future of the British people 鈥� creating jobs, enhancing industry, and improving the lives of millions by offering skilled jobs for the future right across the country.

Business Secretary Kwasi Kwarteng said:

The incredible work of the Vaccine Taskforce, housed at my department through the pandemic, demonstrated that this country is home to some of the best scientists and innovators in the world.

I鈥檓 immensely proud of the work we have done to support ground-breaking research so far, having confirmed 拢40 billion in funding for R&D over the next 3 years and placing it at the very top of our agenda.聽London Tech Week itself is testament to that.

And today, we鈥檙e announcing over 拢743 million in investment 鈥� including in the latest quantum technologies, to ensure Britain has pole position in the global marketplace in a host of new areas.

Speaking at the event today, Business Secretary Kwasi Kwarteng announced a raft of substantial investments into the very latest technologies.

These include:

• the UKRI - 拢481 million in cutting-edge research and innovation infrastructure projects over the next 3 years, some of which are subject to business case
• UKRI鈥檚 - 拢118 million for the best, brightest and most disruptive ideas emerging from UK universities, to help turn them into innovative businesses and services
• UKRI鈥檚 ISCF Commercialising Quantum Technologies Challenge 鈥� winners will receive 拢6 million funding across 16 projects to help realise a 鈥榪uantum-enabled economy鈥�, a key objective of the forthcoming HMG Quantum Strategy

Also speaking at London Tech Week, Science Minister George Freeman announced:

• Innovate UK鈥檚 , which will provide a new series of Fast Start grants worth 拢30 million to back UK start-ups and entrepreneurs to develop new innovative products, processes and services, building the UK鈥檚 future economy in key sectors from healthcare to climate tech
• the continuation of UKRI鈥檚 , for which a further round is planned with 拢100 million of new funding, supporting the best and brightest people in universities, businesses, and other research environments to commercialise new technologies
• the launch of the UKRI鈥檚 , led by the Arts and Humanities Research Council (AHRC) and backed by 拢8.5 million - the UK鈥檚 first major research programme on AI ethics of this scale. It will bring together diverse research perspectives - from the humanities to computer science - to help tackle some of the biggest ethical questions posed by AI in order to build public trust, drive adoption and harness the technology鈥檚 potential in a responsible way

Taken together, these amount to 拢743.5 million 鈥� part of the government鈥檚 拢40 billion R&D investment planned over the next 3 years.

All the innovative projects receiving this investment have the potential to deliver significant benefits to UK society and economy. In many cases they are already doing so, whether via a ground-breaking giant 鈥榤icroscope鈥� that has supported the discovery of a synthetic vaccine for foot-and-mouth disease, or a flying laboratory that enables scientists to track and evaluate pollution, severe weather, and the effects of climate change.

Addressing an audience of investors, policy makers and industry leaders at the Quantum Computing Summit today,聽Mr Kwarteng highlighted how the projects being supported by the latest round of UKRI鈥檚 will support the development of new quantum products, meaning that 拢153 million will be invested over the lifetime of the programme, helping companies to commercialise quantum technologies.

Supporting innovative entrepreneurs

Speaking at the Digital Catapult鈥檚 Cyber-Physical Future Forum, Science Minister George Freeman confirmed an additional package of supportive programmes for innovators and entrepreneurs.

Science Minister George Freeman said:

As the entire government focuses on tackling the cost-of-living, it is my firm belief that an innovation-led economy will deliver the jobs, growth and prosperity we need to help us rebuild across the country.

We are living in a time of huge technological change. New technologies are creating new industries at a pace that would have been thought impossible, even 10 years ago.聽 As a responsible government, we must give our researchers and innovators the tools and the wherewithal to flourish.

That鈥檚 why we鈥檙e announcing a record 拢743.5 million package of investment into the technologies of tomorrow, putting entrepreneurs at the heart of our plans to help power our economy while tackling some of the world鈥檚 greatest challenges, and supporting our ambitions to make the UK a Science Superpower.

He announced a new round of Future Leader Fellowships, worth 拢100 million, which will support talented researchers and innovators from the UK and around the world to develop and commercialise their work.

The government has also announced the 84 winners of the previous round of Future Leader Fellowship funding, who will be supported by 拢98 million being awarded to help commercialise technologies with the power to tackle global challenges head-on.

These include a fleet of self-driven satellites able to track and mitigate natural disasters, injectable gels to deliver life-changing tissue-regeneration therapies, and clogging-resistant permeable pavements that mitigate against the impacts of climate change and urbanisation-related flooding.

Minister Freeman also announced a 拢30 million Fast Start grants scheme, which will be launched to help small and micro businesses to develop new innovations.

He highlighted how a new first-of-its-kind research programme will be backed by 拢8.5 million government funding to address the biggest ethical issues posed by Artificial Intelligence, to build public trust and ensure the technology鈥檚 potential can be responsibly harnessed.