Government announces a record £13.9 billion of R&D funding to boost innovation, jobs and growth
Almost £14 billion of R&D funding has been allocated to bolster life sciences, green energy, space and beyond to improve lives and grow the economy.
Each pound of public R&D investment is estimated to leverage double in private investment in the long run.
The Department for Science, Innovation and Technology (DSIT) has set out how it will allocate £13.9 billion in funding for transformational research and development (R&D) in the next year in areas like life sciences, green energy, engineering and beyond.
This includes £8.8 billion for UK Research and Innovation (UKRI) – the UK’s lead public research funder.
The allocation of this record £13.9 billion in funding follows the Chancellor’s announcement at the Budget that the government would protect record levels of R&D spending, with £20.4 billion being invested over the coming year across all government departments.
Science and Technology Secretary, Peter Kyle, said:
Our £13.9 billion investment in R&D is ultimately an investment in the future of the UK.
R&D is essential to fulfilling this government’s Plan for Change – whether in improving lives across the UK and beyond through new life-saving drugs, helping us build a cleaner, greener future or in exploring beyond our planet to unlock new discoveries that keep us healthy, safe and prosperous and much more besides.
It is also central to creating highly paid jobs and opportunities to set up new businesses across the UK, which will drive the economic growth that is key to supporting our public services and enhancing our daily lives.
techUK welcomes this announcement and will continue to engage with DSIT, UKRI and other parts of the R&D ecosystem to ensure UK industry and innovators can shape and benefit from transformational research and development.
You can read the full announcement here.
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