Labour has unveiled a plan to invigorate regional development with long-term research and development (R&D) budgets.
Deputy leader Angela Rayner announced that the party would establish 10-year budgets for R&D institutions funded by taxpayers, aiming to create 650,000 “new high-quality jobs that will be created as Britain shifts to clean power by 2030, with many more in sectors like AI (artificial intelligence) and life sciences”.
By securing long-term funding for R&D, Labour aims to ensure sustained growth and development – central to their campaign themes – particularly in areas that have historically been neglected. This move is expected to drive innovation and attract investment, ultimately fostering a more balanced and resilient economy. An industrial strategy has also been pledged by the party.
Institutions earmarked for support via Labour’s 10-year funding plan include the Crick Institute in London and Whittle Laboratory in Cambridge ‘which support our life sciences and aerospace sectors’.
