Chancellor’s Autumn Statement Boosts Science, Innovation, and Technology

Tax cuts for workers and investments in artificial intelligence and quantum technology headline the UK government’s plan for economic growth.

The Chancellor’s “Autumn Statement for Growth” has unveiled a comprehensive plan to strengthen the UK economy through tax cuts, increased investments in science, innovation, and technology. The government aims to boost business investment, create more jobs, and position the UK as a global leader in artificial intelligence (AI) and quantum technology. These initiatives not only drive economic growth but also contribute to addressing climate change and advancing healthcare. With a focus on skills development, venture capital, and battery manufacturing, the UK aims to become a science and technology superpower.

Boosting Science, Innovation, and Technology:

Investment in AI Compute and Quantum Missions

The Chancellor has announced a £500 million investment in AI compute over two years, expanding the AI Research Resource. This funding will provide scientists and AI researchers with cutting-edge computing power to drive extraordinary discoveries in fields such as climate change, drug discovery, and AI applications. The investment also aims to make the UK the best place in the world for AI start-ups.

Additionally, five Quantum Missions have been launched to secure the UK’s status as a world leader in quantum technology. These missions set clear milestones for research and investment in areas like computing, healthcare, and navigation. Quantum technologies have the potential to revolutionize various sectors, offering solutions that classical machines cannot achieve.

Support for Semiconductors and Enterprise Creation

To support semiconductor manufacturers, the government will prioritize critical supply chains, including semiconductor manufacturing, in the UK Infrastructure Bank’s strategic objectives. This commitment, along with the British Industry Supercharger scheme, aims to make energy prices for chip makers competitive with other major economies. These measures will support the growth and retention of semiconductor companies in the UK.

The government is also backing enterprise creation and scale-up through full expensing, allowing businesses to claim a 100% first-year allowance for main rate expenditure. This move, coupled with the lowest headline corporation tax rate and generous capital allowances in the G7, will encourage investment in technology and boost annual investment by approximately £3 billion.

University Spinouts and Discovery Fellowship

Recognizing the importance of university spin-out companies, the government is implementing innovation-friendly policies recommended by an independent review. These policies aim to make the UK the best place to start a spin-out company, with recommendations such as providing 10-25% university equity for life sciences spinouts. The government will provide £20 million to foster more spin-out companies and streamline the process for investors.

To support ground-breaking research, the government is establishing the Faraday Discovery Fellowship, backed by a £250 million endowment to the Royal Society. This long-term investment will support leading mid-career scientists and researchers in conducting discovery-based research in STEM subjects, ensuring the UK remains at the forefront of scientific advancements.

Venture Capital Skills Fellowship and Battery Manufacturing

To strengthen the UK’s venture capital industry, the Chancellor has announced a £3 million fellowship program to develop a new generation of science and tech venture investors. This program aims to produce world-leading investors capable of driving breakthroughs in areas such as vaccines, AI, and robotics.

In the battery manufacturing sector, the government has allocated £50 million for the development of the UK’s capabilities, from research and development to industrialization. An additional £11 million will fund collaborative research and development in battery development, incorporating technologies like AI.


The Chancellor’s Autumn Statement demonstrates the UK government’s commitment to driving economic growth through science, innovation, and technology. The investments in AI compute, quantum technology, semiconductors, and enterprise creation aim to position the UK as a global leader in these fields. The support for university spinouts, research fellowships, and venture capital skills development further strengthens the country’s scientific and technological capabilities. These initiatives not only boost the economy but also contribute to addressing societal challenges such as climate change and healthcare. With a focus on skills development and battery manufacturing, the UK aims to become a science and technology superpower, driving innovation and improving the lives of its citizens.






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