Allocations announced for record £25bn R&D budget
New allocations were released today (Monday 30 May) for a record £25.1 billion budget settlement for research and development distributed across UK research and innovation (UKRI) and major programs.
UKRI‘s research and development budget will reach over £8.8 billion in 2024-25, its highest level ever, enabling an ambitious program to be delivered through its 9 councils.
- an investment of £16.8 billion over 3 years through core budgets to UKRI7 Research Councils, Research England and Innovate UK
- an investment of £2 billion over 3 years for a new collective cross-board approach to talent initiatives
- an investment of £2.9 billion over 3 years in infrastructure projects
Science Minister George Freeman said:
Looking back on the past two years, it’s hard to imagine a time when we owed more to scientists, researchers and innovators.
I’ve never been prouder of the UK’s cutting-edge research base, which is why I’m so happy to have awarded £25.1 billion, the highest level of funding to date , to our national agency for science and research, UK Research and Innovation. This significant investment will support our ambitions to make the UK a scientific superpower, providing opportunities for growth across the country while helping the research community meet the great scientific challenges of our time.
This significant investment will support the UK’s already world-class research being carried out across the country, delivering local economic impact through R&D funding, attract and develop top research talent and help unlock private sector investment.
UKRI to contribute significantly to the government’s upgrading program, having developed a new approach to develop promising business clusters and stimulate the adoption of innovation – technology advisory services to stimulate local diffusion, at the access to competitive grants and support links for innovators with private sector finance and investors.
The settlement, providing record funding for UKRIalso represents significant progress towards achieving the UK’s target R&D investment reaching 2.4% of GDP by 2027, these ambitious plans, combined with the generosity of the government R&D fiscal program, will give businesses the confidence to invest in the wake of the pandemic.
More details on how UKRIthe £25.1 billion budget has been allocated are provided in UKRI‘s explanatory document.