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Britain to allocate $116 billion to R&D in spending plan
Published by Global Banking & Finance Review®
Posted on June 7, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 7, 2025
1 min readLast updated: January 23, 2026
The UK plans to invest $116 billion in R&D, focusing on innovation and economic growth. This initiative is part of a larger public spending strategy.
LONDON (Reuters) -British finance minister Rachel Reeves will allocate 86 billion pounds ($116 billion) in this week's spending review to fund research and development, the Department for Science, Innovation and Technology (DSIT) said on Sunday.
It said the package, funding everything from new drug treatments and longer-lasting batteries to artificial intelligence breakthroughs, would be worth over 22.5 billion pounds a year by 2029/30, driving new jobs and economic growth.
Reeves will divide more than 2 trillion pounds ($2.7 trillion) of public money between her ministerial colleagues on Wednesday, making choices that will define what the year-old Labour government can achieve in the next four years.
The DSIT said the announcement on R&D follows Reeves' commitment last week to 15.6 billion pounds of government investment in local transport in city regions in the Northern England, Midlands and the South West.
($1 = 0.7398 pounds)
(Reporting by James Davey, Editing by Louise Heavens)
The UK government is allocating 86 billion pounds, equivalent to $116 billion, for research and development in the upcoming spending review.
The funding will support various areas including new drug treatments, longer-lasting batteries, and breakthroughs in artificial intelligence.
The announcement regarding the spending plan is made by British finance minister Rachel Reeves.
The R&D package is expected to be worth over 22.5 billion pounds a year by the fiscal year 2029/30.
Last week, Rachel Reeves committed to 15.6 billion pounds of government investment in local transport for city regions in Northern England and the Midlands.
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