Department for Business and Energy receives record budget
The largest ever research and development budget has been allocated across the Department for Business, Energy and Industrial Strategy’s partner organisations.
Driving forward the government’s ambitions as a science superpower, the Spending Review committed record levels of investment in the UK’s research base over the next 3 years, with R&D spending set to increase by £5bn to £20bn per annum by 2024-2025 - a 33 per cent increase in spending over the current parliament by 2024-2025.
The allocations will allow the government to deliver on the ambitions set out in the Innovation Strategy, with these investments supporting our commitment to ensure total R&D spending reaches 2.4 per cent of GDP by 2027.
These investments will contribute to the new cross-government approach on research and development, helping to deliver strategic advantage in science and technology, work alongside industry to leverage private investment, and deliver prosperity, security and resilience this century.
In turn, the investment will support priorities that are key to the UK’s prosperity, from tackling climate change to levelling up opportunities across the country, enabling investment in new technologies from clean tech to AI, where the UK has a strong competitive advantage globally and industrial strength at home.
Business Secretary Kwasi Kwarteng said: “For too long, R&D spending in the UK has trailed behind our neighbours - and in this country, science and business have existed in separate spheres.
“I am adamant that this must change. Now is the moment to unleash British science, technology and innovation to rise to the challenges of the 21st century.”
“My department’s £39.8bn R&D budget – the largest ever R&D budget committed so far – will be deployed and specifically targeted to strengthen Britain’s comparative advantages, supporting the best ideas to become the best commercial innovations, and securing the UK’s position as a science superpower.”
This includes full funding for EU programmes, for which £6.8bn has been allocated to support the UK’s association with Horizon Europe, Euratom Research & Training, and Fusion for Energy.
If the UK is unable to associate to Horizon Europe, the funding allocated to Horizon association will go to UK government R&D programmes, including those to support new international partnerships.
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning National email for free.