UK Autumn Budget 2024 Aims to Boost Innovation, Cites Fusion
Chancellor of the Exchequer Rachel Reeves announced the United Kingdom’s Autumn Budget 2024 on October 30, outlining key provisions and missions for “Rebuilding Britain” and areas of targeted government support going forward. The budget notes a heavy emphasis on greater support for innovation, including fusion energy.
“Significant support in 2025-26 for UK fusion energy research, to build on the UK’s position as a global leader in sustainable nuclear energy.”
Autumn Budget 2024 – Fixing the Foundations to Deliver Change
The FIA and its membership, including both UK-based companies and global corporations considering significant inbound investment into the UK, strongly supports the British government’s continued leadership in fusion. Commercial fusion is coming, and global race is on, with FIA member companies aiming to deliver commercial plants within the next decade. The fusion industry could be worth billions of pounds to the economy, and offer a British export that will be both climate change solution and a driver of economic opportunity.
This year’s budget allocates significant funding towards research and development. Regarding innovation more broadly, the budget notes:
“Supporting scientific breakthroughs and spurring innovation are central to progressing the government’s missions to rebuild Britain and to delivering the Industrial Strategy. The UK has extraordinary strengths in science and innovation, however we are not doing enough to capitalise on these strengths. The government will support R&D and the adoption and diffusion of innovation across the country to drive a sustained increase in productivity and improve citizens’ lives.”
Autumn Budget 2024 – Fixing the Foundations to Deliver Change
The UK has long been a pioneer in fusion, and the continued emphasis aims to enhance the country’s position as a global leader. The FIA looks forward to continued support and engagement with the British government in support of fusion.
You can read the budget in full here.
October 30th, 2024
