£55 billion R&D funding boost to unlock UK breakthroughs from health to clean energy
Funding boost for science and tech breakthroughs that improve lives, create jobs and grow our economy.
From the tech that screens airport luggage to keep us safe, to life-changing new medical treatments, the inventors and innovators behind Great British breakthroughs that drive growth and improve our daily lives are in line for a £55 billion funding boost to take their work to the next level.
The Department for Science, Innovation and Technology has today (Thursday 30 October) confirmed long-term R&D funding for the UK’s research agencies and bodies, with bumper investment for the bodies that are making science and tech breakthroughs that improve lives and grow our economy. These allocations give visibility and clarity on the development of DSIT’s plans for R&D budgets, with the Department’s overall R&D budget growing in real terms.
New analysis published today shows the value of public investment in R&D to the UK – with every £1 spent delivering £8 in net economic benefits over the long-term. Crowding in private investment is a key part of this, with every £1 of public money invested in R&D crowding in a further £2 in private investment, on average.
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