The UK Chancellor announced yesterday, amidst the COVID-19 pandemic, a £1.25 billion package to protect firms driving innovation in the UK.

The package includes a £500 million investment fund for high-growth companies and £750 million in grants and loans for small and medium-sized enterprises (SMEs) focusing on research and development.

While the likely recipients of this funding are perhaps a step back from the immediate front line when it comes to the battle against COVID-19 (at least relative to medics and other key workers), in the medium to long term it's research and development work that will identify ways to suppress the pandemic.  And it's research and development that will help our economy grow again once the pandemic subsides.