New funding injected into research and development
The Government is to provide an additional £250 million of funding to scientists and researchers as part of its commitment to drive the UK forward as a science superpower. The new funding will be injected into projects and research efforts this year, supporting pioneering research. As a result, the UK scientific community will have access to more public funding than ever before. This takes total Government investment in R&D to £14.9 billion in 2021/22 and follows four years of significant growth in R&D funding, including a boost of more than £1.5 billion in 2020/21.
The UK Government’s domestic support for UK research and science advancements will be coupled with the benefits stemming from the world’s largest collaborative research programme, Horizon Europe – worth around €95 billion over the next decade. The UK will associate to Horizon Europe as part of the Trade and Co-operation Agreement (TCA) with the EU. Britain will pay a fair and appropriate share into the budget of this programme to enable the UK science and research sector to further their collaborations with its European partners. The programme facilitates collaboration and strengthens the impact of research and innovation while tackling global challenges. It supports creating and better dispersing of excellent knowledge and technologies.
The Government remains committed to reaching its target of 2.4% of GDP being spent on R&D across the UK economy by 2027 and increasing the budget for research and development to £22 billion. A new body that is tasked with funding high-risk, high-payoff research efforts has also been established recently. The Advanced Research & Invention Agency (ARIA) will be backed with £800 million by 2024/25.