Commenting on the Chancellor's Spring Budget 2023, Sir Jim McDonald FREng FRSE, President of the Royal Academy of Engineering, said:
“We are delighted by the announcement of a £2.5 billion ten-year investment in the Plan for Quantum. This is important for enabling continued innovation in a highly significant emerging technology where the UK has many world-class strengths and demonstrates that the government appreciates the competitive advantage of such long-term commitment in strategic technologies, a very welcome change from previous shorter-term plans. The Academy will support the engineering and technology community both in making the most of this commitment and in building the case for similar long-term investment plans in other critical technologies that can deliver improved resilience, security, economic opportunity and well-being, including artificial intelligence, communications, engineering biology, and energy systems for Net Zero. The commitment to invest £900 million to build an exascale supercomputer and establish a new AI Research Resource are also welcome initiatives for the artificial intelligence sector. We are pleased to see further recognition of the UK’s research in artificial intelligence through the newly announced AI Prize and commercialisation support for AI innovation. Additionally, we welcome a holistic approach to supporting low carbon energy, and look forward to contributing to discussions on how nuclear plays a role alongside renewables, decarbonised grid systems and other energy technologies.”
Dr Hayaatun Sillem CBE, CEO of the Royal Academy of Engineering, said:
“The announced investment zones and funding for R&D projects are welcome efforts to stimulate investment in engineering, science and technology across the UK and boost local innovation ecosystems. With hotspots of engineering in many regions of the UK, more than 8.1 million people are part of the nation’s engineering economy, generating an estimated £645bn gross value added to the UK economy each year - equivalent to 32% of the country’s economic output. Engineering innovation is integral to achieving a growing and inclusive economy.
“The sustained focus from the government on the importance of engineering innovation to society, following the recent creation of the Department for Science, Innovation and Technology and the Science and Technology Framework, signals promising support for achieving the UK’s science and technology ambitions with Horizon Europe negotiations ongoing. Continuing to invest and implement policies designed to strengthen UK innovation will help to spread the benefits of research and industry more evenly across the country and support the UK’s diverse engineering talent.”
