GOV UK,Government backs UK R&D with record £20.4 billion investment at Autumn Budget

Government backs UK R&D with record £20.4 billion investment at Autumn Budget

The government has announced a record £20.4 billion investment in research and development (R&D) at the Autumn Budget, cementing the UK’s position as a global science superpower.

The funding will be used to support a wide range of R&D activities, including:

  • Basic research: This funding will support curiosity-driven research that has the potential to lead to breakthroughs in our understanding of the world.
  • Applied research: This funding will support research that is focused on solving specific problems, such as developing new technologies or improving existing ones.
  • Innovation: This funding will support the development and commercialisation of new products and services.

The government’s investment in R&D is part of its wider strategy to make the UK a global hub for innovation. The government believes that R&D is essential for driving economic growth and creating high-value jobs.

The UK has a long history of innovation, and has been home to some of the world’s most famous scientists and inventors. In recent years, the UK has invested heavily in R&D, and this has helped to create a vibrant and successful innovation ecosystem.

The government’s new investment in R&D will help to ensure that the UK remains a global leader in science and innovation. This investment will support the development of new technologies and products that will improve our lives and help to solve some of the world’s biggest challenges.

Further details on the funding

The £20.4 billion investment in R&D will be made over the next 5 years. The funding will be divided into 3 streams:

  • £12 billion for basic research
  • £5.4 billion for applied research
  • £3 billion for innovation

The funding will be awarded through a competitive process. The government will be looking for projects that have the potential to make a significant contribution to the UK’s science and innovation ecosystem.

Reaction to the announcement

The government’s announcement has been welcomed by the science and innovation community.

“This is a landmark investment in UK R&D,” said Dr Sarah Main, Chief Executive of the Campaign for Science and Engineering (CASE). “It will provide much-needed support for our world-leading research base and help to ensure that the UK remains a global leader in science and innovation.”

“This is a great day for UK science,” said Professor Sir Mark Walport, Chief Executive of UK Research and Innovation (UKRI). “This investment will help us to tackle some of the world’s biggest challenges, such as climate change and disease. It will also help to create jobs and boost the economy.”

Conclusion

The government’s £20.4 billion investment in R&D is a clear statement of intent. The government is committed to making the UK a global hub for innovation. This investment will help to ensure that the UK remains a world leader in science and innovation for many years to come.


Government backs UK R&D with record £20.4 billion investment at Autumn Budget

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GOV UK a new article on 2024-10-31 15:24 titled “Government backs UK R&D with record £20.4 billion investment at Autumn Budget”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.

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