Government unveils new £1.3bn fund to ensure UK remains 'destination for world-class scientists and researchers'

Later today, Business Secretary Greg Clark will unveil a new £1.3bn boost to invest in UK talent and skills in science and innovation.

As part of his speech to the International Business Festival in Liverpool, Mr Clark will announce that the money will be used to invest in British universities and businesses to develop entrepreneurs, innovators and scientific leaders.

The money, part of the single biggest investment in science in 40 years, will help ensure the UK invests 2.4% of GDP in R&D by 2027.

Business Secretary Greg Clark said: “We are a nation of innovators, with some of the world’s greatest inventions created on British soil – from penicillin to the first computer programme.

“We want to retain our global reputation as a destination for world-class scientists and researchers, by providing opportunities to find and nurture the next Ada Lovelace and Isaac Newton’s.

“International collaboration has been key to many of the most significant discoveries and breakthroughs and I want the UK to remain the go-to destination for the best scientists and innovators. We are investing in the rising stars of research and innovation to ensure the UK is where the products and technologies of tomorrow are developed.”

The UKRI Future Leaders Fellowship Scheme will receive £900m over the next 11 years, with six funding competitions and at least 550 fellowships awarded over the next three years.

The investment will provide up to seven years of funding for early-career researchers and innovators, including support for part-time awards career-breaks and provide flexibility to researchers.

For the first time ever, this type of scheme will now be open to businesses as well as universities.

The Royal Society, Royal Academy of Engineering, British Academy, and Academy of Medical Sciences will collectively receive £350m for the fellowships schemes. This funding will enhance the research talent pipeline and increase the number of fellowships on offer for researchers and innovators.

Over the next five years, £50m has been allocated through the National Productivity Investment Fund for additional PhDs, including 100 PhDs to support research into AI, which will support one of the Grand Challenges within the Industrial Strategy.

Sir Mark Walport, chief executive of UK Research and Innovation, commented: “Talented people are the energy and engine of new knowledge, new ideas and new opportunities.

“The long-term investment announced today means the UK will continue to attract and grow the very best, supporting those who want to solve the most difficult questions whether they are in frontier science, our evolving society or our changing economy.”

Venki Ramakrishnan, president of the Royal Society, added: “We are delighted by this crucial investment in science researchers from the UK government. This money will be used to support scientists during crucial stages of their careers, whether they have been identified as future leaders in their fields and are just starting an independent research career, or are well-established, world-leading talent that we want to retain in the UK.”

Professor David Cannadine, president of the British Academy, also said: “We are delighted to be able to expand opportunities for international collaboration and early-career research in the humanities and social sciences.

“The challenges that we face as a nation and as an international community - from the march of automation to improving productivity – will require collaboration from the very best minds, working across disciplines.

“It is timely, therefore, that the national academies are working together to further the UK’s reputation as a destination for world-leading research.

“We also look forward to supporting further early-career researchers closer to home through the Postdoctoral Fellowship scheme, which is often a vital stepping stone to establishing a successful academic career.”