The Department for Science, Innovation and Technology has confirmed research and development (R&D) funding of £55 billion until 2030 for the UK’s research agencies and bodies.
The funding is part of the total £86 billion confirmed by chancellor Rachel Reeves at the Spending Review in June.
The allocation includes £38bn for UK Research and Innovation (UKRI), which includes Innovate UK, the body that provides R&D loans and grants to businesses.
The government said a more detailed breakdown of UKRI’s budgets will be published in December, with new UKRI CEO Professor Sir Ian Chapman “overseeing a transformation of UKRI focused on improving its accountability, leadership and governance, and organisational effectiveness and efficiency, to ensure it is set-up to deliver its allocation in line with the government’s R&D priorities”.
Innovate UK also has a new boss. Tech entrepreneur and Metail founder Tom Adeyoola was appointed earlier this year.
One of Innovate UK’s flagship programmes for businesses was its Smart Grants scheme but that has been paused while the organisation reviews the initiative to make sure “any future approach reflects today’s innovation landscape and has strong strategic alignment to help drive UK economic growth”.
Science and technology secretary Liz Kendall said:
“Backing our best and brightest researchers and innovators is essential. They are making the impossible, possible, from health to clean energy and beyond. Their ideas will create tomorrow’s industries, boosting growth and transforming public services now and in the future.
“By investing in their work, we are backing the long-term success of the UK, by paving the way for breakthroughs that will help us all to live and work better.”