A group of people gather round a big screen whilst working on a digital project

Innovation given government boosting at London Tech Week

This morning, the government have announced that £743.5 million will be invested in innovative technology, to go towards the consolidation of the UK’s place as a global science superpower.

With only one day left of London Tech Week, the funding will support developments in technology in everything from autonomous vehicles to airborne laboratories as the government place growing emphasis on investment in innovation and technology, the creation of skilled jobs and economic growth.

In 2021, the Innovation Strategy was published, making it clear that the government will “put innovation at the centre of everything it does.” These funds and the Innovation Strategy will lay the foundations for the future of Britain by shoring up the nation’s competitiveness globally.

Kwasi Kwarteng, Business Secretary, 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’m immensely proud of the work we have done to support ground-breaking research so far, having confirmed £40 billion in funding for R&D over the next three years and placing it at the very top of our agenda. London Tech Week itself is testament to that.

And today, we’re announcing over £743 million in investment – including in the latest quantum technologies, to ensure Britain has pole position in the global marketplace in a host of new areas.”

As part of the funding, a handful of investments into new technologies were announced. These include £481 million invested int the UKRI Infrastructure Fund, £118 million into the UKRI Accelerating Impact programme and £6 million across 16 projects as part of the UKRI’s ISSCF Commercialising Quantum Technologies Challenges.

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