In its 2018 budget, released in late October, the UK government provided funding for innovations in science and technology that will specifically boost the nation’s economy, create skilled jobs and improve living standards. Prioritizing long-term funding for research, R&D funding totaled £1.6 billion ($2.1 billion) to strengthen science and international collaboration. Over the past 3  years, the UK government invested an additional £7 billion ($9.0 billion) in R&D, which is the UK’s largest rise in R&D funding in 40 years.

The Industrial Strategy Challenge Fund, aimed at fostering science and business innovations, received an additional £1.1 billion ($1.4 billon). The Fund, which was established last year, receives funding in waves and has already garnered £1 billion ($1.2 billion) for research in sectors such as robotics, next generation battery technology, AI, clean and flexible energy, and space technology. The additional billion it is receiving in the 2018 budget includes up to £121 million ($155.8 million) for manufacturing digitally enabled technologies, such as IoT and virtual reality, and up to £78 million ($100.5 million) for the Stephenson Challenge for innovation in electric motor technologies.

The UK is heavily focusing on becoming a leader in digitization, providing generous funding for digital technology development. Quantum technologies R&D received £232 million ($298.8 million), including £35 million ($35.1 million) for a national quantum computing center. AI R&D received up to £950 million ($1.2 billion) through the Industrial Strategy Artificial Intelligence and Data Grand Challenge initiatives. On top of the £1 billion ($1.2 billion) it has already received in long-term funding, the Digital Catapult program obtained an additional £115 million ($148.1 million), which provides access to cutting edge technologies to entrepreneurs and businesses.

The government also announced a new fund for science and innovation of £50 million ($64.4 million) per year. The fund, launching in 2021–2022, is for addressing challenges in the sciences, including public health and cybersecurity, and will concentrate on joint projects between government and industry. Additionally, £120 million ($154.6 million) was allocated to clusters of science and innovation through the Strength in Places Fund, which extends the existing Fund until 2021–22.

Source: HM Treasury, Government of UK