Labour will today (Friday) announce that new ten-year budgets for
British research and development will deliver high-quality jobs
in engineering, research and construction, and the
sectors that will unlock wealth creation and economic growth for
Britain.
The party will say its plans will allow it to seize the economic
opportunities of the 21st century and create jobs of
the future in growing global markets, like clean energy,
artificial intelligence and life sciences.
Labour will support 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 and life sciences.
Labour will roll out a new Industrial Strategy, which will
include ten-year research and development budgets for key
institutions. This will give businesses the stability that
they need to support wealth creation, growth and the jobs we
need to power the future in Britain.
Six areas have been identified for ten-year budgets, including
aerospace, artificial intelligence, automotive, defence, energy
and life sciences. These areas align with Labour's industrial
strategy priorities and sector plans they have pledged to develop
in government.
Labour will give ten-year budgets to key research and development
organisations. This could include centres like the Manufacturing
Technology Centre in Coventry and the Advanced Manufacturing
Research Centre, with sites in Sheffield, Lancashire and North
Wales.
It could also support energy research centres like the UK Atomic
Energy Authority, with sites in Oxfordshire and the East
Midlands, and the Offshore Renewable Energy Catapult with sites
across the country including in Blyth and Aberdeen.
Other organisations that could be in scope include world-leading
laboratories like the Crick Institute in London and Whittle
Laboratory in Cambridge, which support our life sciences and
aerospace sectors. It could also support funding bodies like
ARIA, which funds pioneering AI research, and the Defence and
Science Technology Laboratory, headquartered in Wiltshire, which
ensures our armed forces have the cutting-edge technology they
need.
The announcement comes as the party focuses the election campaign
on jobs and opportunities for young people across the
country.
Labour has also pledged to reform the skills system and roll out
careers advice for young people to ensure they can access new
opportunities in growth sectors.
Speaking ahead of a visit to an advanced manufacturing
centre in the West Midlands, Labour's Deputy Leader and Shadow
Housing Secretary, , said:
“The choice at this election is five more years of chaos and
decline under the Tories, or stability, opportunity and wealth
creation with Labour.
“After the Tories' failure to deliver high quality jobs and
economic growth for Britain, Labour's plan will create the
stability that is needed for us to lead the world in the
industries of the future - creating the kinds of jobs we want for
our kids, in the places we live.
“Labour will relight the fire of our regions and drive growth in
every corner of the country. You can believe that Labour is
committed to tackling regional inequality in Britain because it
is in our DNA. For over a century it has been a mission of every
Labour Prime Minister to rebuild our economy, hand-in-hand
with local leaders so no one is left behind.”
Labour's Shadow Cabinet and Mayors will be across the regions of
the country today highlighting to voters how regional growth will
deliver for their areas, after the failed experiment of so-called
levelling up did not deliver on the promise of growth, jobs and
wealth creation.
The ten-year budgets will be set in line with Labour's
fiscal rules, as set out in Labour's manifesto.
Ends
Notes:
Labour's manifesto confirmed plans to scrap
short funding cycles for key R&D institutions in favour of
ten-year budgets that allow meaningful partnerships with industry
to keep the UK at the forefront of global innovation.
Labour will ensure align with its plans and priorities for our
industrial strategy, such as clean energy, advanced
manufacturing, automotive, life sciences, artificial
intelligence, and others.
