£300 million investment to support growth and jobs in UK science
This will create £150 million for the economy every single year after Science Minister sets out ambition for British science to be best in world.
Cutting-edge science projects to drive innovation, growth and create jobs in the UK’s high performing science sector, will benefit from a £300 million boost as part the government’s long term economic plan, Science Minister David Willetts will announce today (11 March 2014).
Ahead of a speech at Jodrell Bank Observatory, the home of radio astronomy, David Willetts said: "Investment in science is a crucial part of this government’s long-term economic plan. It’s about investing in our future, helping grow new industries and create more jobs – and that will mean more financial security for people across the country."
The minister will confirm the following new investments:
- £165 million for one of the largest science and technology infrastructure projects of our time. The creation of a giant powerful neutron microscope will be able to better observe the world and the universe. This brings with it the potential to discover materials for faster planes, new and better computer chips, new drugs, super long-life batteries and feather-lightweight kit for our military. 30 times more powerful than microscopes we use today and the size of 140 football pitches, this technology will create and secure thousands of jobs.
- £100 million contribution to The Square Kilometre Array. This will be the largest and most sensitive radio telescope in the world, stretching technology to its limits. This telescope will produce 10 times the current global traffic of the internet. British scientists are already helping to develop the central computer which will read the huge volume of new data, meaning this project could lead to faster smartphones and increased internet speeds across the UK in the future. The global market for data analysis is also expected to be worth £31 billion by 2016 – with Britain in a prime position to dominate the market.
- £25 million to participate in the M3 Space Mission (PLATO). The UK will take a leading role on PLATO, a giant telescope made up of 34 telescopes. The UK is a world leader in satellite technology and the space sector supports 95,000 full time jobs, generating £9.1 billion for the economy each year. This investment will secure key roles for British firms as part of the mission and maintain UK international competitiveness in world class research
These investments will see British scientists and businesses working together on some of the most exciting scientific projects of the future. The UK is one of the most productive science nations in the world - with only 1% of the world’s population it publishes 16% of the world’s top quality research. And every £1 spent on research generates 50p for the wider economy every single year after.
Today’s (11 March 2014) announcements also build on the £270 million investment in quantum technologies announced by the Chancellor in his Autumn Statement last year (2013).
Quantum technologies create entirely new ways of communicating, measuring and processing information that are beyond the capability of existing systems. They already deliver satellite navigation, data storage and encryption – the industries of the future will be built on these capabilities and Britain will be at the forefront.
