LONDON, Oct. 30 (Xinhua) -- The British government on Thursday announced a record long-term investment of 55 billion British pounds (72.29 billion U.S. dollars) in research and development (R&D) to accelerate breakthroughs in fields ranging from healthcare to clean energy.
According to a statement, the funding confirms unprecedented support for the nation's research agencies and institutes through 2029/2030. This marks the largest-ever investment in R&D of the Department for Science, Innovation and Technology (DSIT) and forms part of a broader 86 billion pounds public R&D package announced by the Chancellor.
The new R&D package receivers include the UK Research and Innovation (UKRI), the government's Advanced Research and Invention Agency (ARIA), the UK's Met Office, the country's National Academies, the National Measurement System and the AI Security Institute.
The government estimates that every 1 pound of public R&D investment generates 8 pounds in wider economic benefits and attracts an additional 2 pounds in private sector funding. (1 British pound = 1.31 U.S. dollar) ■
