Scientists and researchers will get an extra £250 million funding this year to support pioneering research and drive the UK’s ambitions to become a science superpower.
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. It will mean UK Government R&D spending is now at its highest level in four decades.
This investment reinforces the Government’s commitment to putting research and development at the heart of plans to build back better from the pandemic. It will support vital and pioneering research while enabling the UK’s brilliant scientists, researchers and businesses to access and benefit from the world’s largest collaborative research programme, Horizon Europe – worth around €95 billion over the next decade.
Last month the Government announced the new Advanced Research & Invention Agency (ARIA), backed with £800 million by 2024/25 and tasked with funding high-risk, high-payoff research that offers the chance of high rewards, supporting ground-breaking discoveries that could transform people’s lives for the better.
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.