UK Chancellor Rachel Reeves will announce a transformative £86bn in the Spending Review to turbo-charge the country’s fastest growing sectors, from tech and life sciences, to advanced manufacturing and defence, as part of the the UK Government’s plan to invest in Britain’s renewal through its Modern Industrial Strategy.

Britain will boost its status in research and innovation with a bumper funding package worth more than £22.5bn a year in 2029/2030. From exploring new drug treatments and longer lasting batteries, to new AI breakthroughs, the package will drive new jobs and economic growth as well as ensuring the UK leads the way in pioneering the technologies of the future.

It comes ahead of the Spending Review, where the Chancellor will set out how the government will invest in Britain’s renewal by investing in the people’s priorities: health, security and the economy.

The new R&D package will mean local leaders have government backing to develop ‘innovation clusters’ across the country, to unlock the talent and opportunity in every region and nation.