UK lawmakers are pressing the government to act more like a venture capitalist when backing technology research. A Public Accounts Committee report, reported by The Register, argues that UK Research and Innovation (UKRI) is too cautious about recovering public money, and recommends reviewing funding terms to consider taking equity stakes in more companies that benefit from taxpayer-funded research. The committee's chair says "nothing ventured, nothing gained" should apply to the government's approach.
On the compute side, the report highlights a practical infrastructure concern: a replacement for the ARCHER2 national supercomputer is not scheduled to be ready before the existing machine is shut down, leaving an expected 13-month gap. It also points to wider management issues, including a cancelled airborne laboratory upgrade that spent £46 million of its £49 million budget before being axed, and around 45 percent of the Science and Technology Facilities Council's estate rated as being in unacceptable condition.
MPs also repeat long-standing concerns about regional imbalance. London, the South East and the East of England still receive half of UKRI's funding, and though the North's share has risen from 12 percent to 20 percent over five years, no specific regional funding targets have been set. The government has already taken some steps to help tech firms, such as giving AI startups access to taxpayer-funded supercomputers and changing procurement rules for £400 million of AI chips, but the committee wants clearer measurement of whether these schemes actually help companies grow.