Allocations announced for £25bln UK R&D budget
A £25.1bln budget for research and development (R&D) will be distributed across UK Research & Innovation (UKRI)’s councils and major programmes.
UKRI’s Research & Development budget will reach over £8.8bln in 2024-2025, which they claim will allow for the delivery of an ambitious agenda through its nine councils.
This includes:
- a £16.8bln investment over the three-year period through core budgets for UKRI’s 7 Research Councils, Research England and Innovate UK
- a £2bln investment over the three-year period for a new collective cross-council approach to talent initiatives
- a £2.9bln investment over the three-year period in infrastructure projects
Science Minister George Freeman says, ‘As we look back at the last two years, it is hard to imagine a time when we have owed more to scientists, researchers and innovators.
‘I have never been prouder of the UK’s world-leading research base, which is why I am so pleased to have awarded £25.1bln, the highest level of funding to date, to our national science and research agency, UK Research and Innovation. This significant investment will support our ambitions to make the UK a science superpower, delivering growth opportunities right across the country while helping the research community tackle the great scientific challenges of our time.’
This investment will support the UK’s research work being done across the country, delivering local economic impact via R&D funding, attracting and developing top research talent, and helping unlock private sector investment.
The settlement also represents significant progress towards achieving the UK’s target for R&D investment reaching 2.4% of GDP by 2027, these ambitious plans, combined with the government’s generous R&D tax programme, will give businesses the confidence to invest in the wake of the pandemic.
