Introduction to the Spending Review
Research on faster drug treatments and long-lasting batteries will be part of the £86 billion financial package for science and technology, which will be presented next week in the government’s spending review. On Wednesday, the Chancellor will reveal how much tax money each state department will receive.
Regional Funding for Science and Technology
Each region in England is being handed up to £500 million for science and technology projects of their choice, according to the Department of Science, Innovation and Technology. In Liverpool, the financing is planned to accelerate the development of new drug treatments, while in South Wales, they will finance longer-lasting microchips for smartphones and electric cars.
Investment in Science and Technology
By 2030, the spending package will be worth more than £22.5 billion per year, the government says. The investment in science and technology is part of the government’s plan to create jobs, protect security from foreign threats, and make working families better off.
Reaction to the Announcement
Regional leaders have welcomed the promising announcement. However, industry leaders have expressed caution, stating that a flat real-terms budget will not be enough to overcome persistent obstacles such as high visa costs for talented scientists and the university funding crisis.
Concerns and Expectations
The Managing Director of Wellcome, the largest non-governmental research funder in the UK, has stated that the UK should aim to lead the G7 in research intensity in order to bring about economic growth and progress in health, science, and technology. The Director of Politics and Public Affairs at the Institute for Physics has also expressed similar concerns, stating that a decades-long strategic plan for science is needed to fully utilize the transformation potential of research and innovation.
Expected Announcements
Other expected announcements include a potential scrap of the two-child benefit cap and a green light for a new nuclear power plant in Suffolk, Sizewell C. The government’s spending review is expected to provide more details on these announcements and the funding for science and technology projects.
