James Cowper Kreston Welcomes £86 Billion Government Investment in Science and Technology

James Cowper Kreston welcomes the UK Government’s landmark announcement of an £86 billion investment in science and technology, unveiled as part of its Modern Industrial Strategy to drive economic renewal and regional innovation.

This transformative funding package, set to reach £22.5 billion annually by 2029/30, is designed to supercharge the UK’s position as a global leader in research and innovation. It will support advancements in AI, life sciences, advanced manufacturing, and clean energy, while empowering local leaders to develop regional innovation clusters through the new Local Innovation Partnerships Fund.

The announcement also reinforces the government’s commitment to regional growth, with up to £500 million earmarked for local innovation initiatives, ensuring that every part of the UK can contribute to and benefit from the innovation economy.

Commenting on the announcement, Sam Swansborough, R&D Tax Director at James Cowper Kreston, said:

“This is a pivotal moment for UK innovation. The scale and scope of this investment will unlock significant opportunities for businesses engaged in R&D across all sectors. With localised decision-making and targeted funding, we expect to see a surge in collaborative projects, new technologies, and high-skilled job creation. We are ready to support businesses in maximising the benefits of this funding and tie this in with more long-standing funding sources such as R&D tax relief and help them build out their innovation strategy. We encourage all companies investing in R&D to review their eligibility and ensure they are well-positioned to take advantage of this unprecedented support.”

James Cowper Kreston’s Business Tax team is on hand to help businesses navigate this evolving landscape and secure the funding and incentives they deserve.