Hello and welcome to the details of UK announces major investment in science, technology, and defence by 2030 and now with the details
Nevin Al Sukari - Sana'a - Britain's Chancellor of the Exchequer Rachel Reeves delivers a speech during a visit to Mellor Bus in Rochdale, northern England on June 4. — AFP pic
LONDON, June 8 — The UK government today announced £86 billion (US$108 billion) of investment in science, technology, and defence by 2030, days before it unveils its spending plan for the coming years.
Labour 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 (US$142 billion) by the end of the decade.
Within this framework, £86 billion (US$108 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 (US$38 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 (US$108 billion) investment 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 (US$19 billion).
The defence 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.
Thousands gathered in central London on Saturday to protest against those anticipated measures, with many holding placards reading “tax the rich, stop the cuts—welfare not warfare.” — AFP
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