The non-departmental government body UKRI has announced its plans to boost the UKs tech industry through investments in high-growth regions and increased funding for innovation.

UKRI announced the allocation of its £7.9 billion budget, including an increase to more than £1bn for Innovate UK by 2024 to 2025 – up by nearly 50% from its previous budget of £667m.

Additionally, the body said it plans to pilot innovation accelerators in Greater Manchester, the West Midlands and Glasgow.

Through the new UKRI funding boost, it is hoped that the UK can be placed as a global leader in research and innovation and cemented as ‘the best place in the world’ to innovate and invest in or grow a business.

Included in the budget is a £2bn talent programme, which UKRI hopes will help to close the growing digital skills gap.

Data collected back in 2021 found that, at the time, 52% of the UK workforce was lacking in required digital skills for the future.

Research suggested a ‘hidden middle’, where 17.1 million workers in the UK require training to reach the level of knowledge required for a tech-based future.

UKRI chief executive Professor Dame Ottoline Leyser said: “Our corporate plan sets out the key actions UKRI will take over the course of our three-year budget settlement to foster an outstanding research and innovation system for the UK.

“We are committed to ensuring that UKRI realises its full potential, working with our many partners to convene, catalyse and invest in the UK’s world-class research and innovation endeavour, enriching lives locally, nationally, and globally.”

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UKRI made a series of other commitments in its plan, including investment in future tech, such as artificial intelligence, quantum, and engineering biology.

Additionally, the organisation is investing an extra £185 million to target global and national challenges, including the move to net zero through a new ‘Building a Green Future’ programme.

“[UKRI] is crucial to the UK’s future; it will drive prosperity in every part of the country and deliver benefits for all,” said Business Secretary Kwasi Kwarteng.

“UKRI’s corporate plan outlines how we will support the UK’s world-leading researchers and innovators to thrive, strengthening our position as a science superpower and the best place in the world to innovate.”

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