LONDON: The UK government has announced £86bil (US$116bil) 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 £113bil by the end of the decade.
Within this framework, £86bil 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 £30bil 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 £86bil 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 United Kingdom 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 £15bil.
Areas expected to be targeted include support for disabled people and government operating costs. — AFP
