Government pledges £743m funding during London Tech Week

The government has said it will spend a record £743 million to support the development of new technologies.

During London Tech Week, it announced that it has plans to fund projects developing autonomous vehicles and airborne laboratories.

“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,” said business secretary Kwasi Kwarteng. “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 3 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.”

At the technology event, Kwarteng is to announce a new infrastructure fund; £481 million in research and innovation infrastructure projects over the next three years, as well as £118 million for the “most disruptive” ideas emerging from UK universities.

UK Research and Innovation (UKRI) a non-departmental Government body, will also launch its quantum technologies challenge, with winners receiving £6 million funding across 16 projects to help realise a “quantum-enabled economy”.

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