Today's Edition
LONDON (AFP)
The UK government on Sunday announced £86 billion ($116 billion) of investment in science and technology and defense by 2030, days before it unveils its spending plan for the coming years.
Labor finance minister Rachel Reeves has announced drastic cuts to public budgets in recent months amid tight fiscal conditions and has also authorised more borrowing for investment, unlocking a total of £113 billion by the end of the decade.
Within this framework, £86 billion will be invested “to turbo-charge our fastest growing sectors, from tech and life sciences, to advanced manufacturing and defence,” the government said in a statement.
Reeves is also set to announce a funding boost of up to £30 billion for the under-pressure National Health Service on Wednesday, when she presents the government's broader review of UK public spending over the coming years, according to The Times newspaper.
The £86 billion will target "people's priorities: health, security and the economy," the government said.
The investment plan will enable the development of “innovation clusters” across the UK and give local government leaders powers to decide where their funding goes, it added.
Reeves hopes the spending will boost sluggish growth, which is also likely to suffer from the trade war launched by US President Donald Trump.
The government announced earlier this week that the review would include plans to double investment in public transport in England's urban regions by 2030 to over £15 billion.
The defense ministry also seems certain to receive a budget boost in Wednesday's review, but other departments will have to tighten their belts beyond the cuts already announced in March.
Areas expected to be targeted include support for disabled people and government operating costs.
