R&D receives a welcome boost in the Budget
As part of the October Budget the Chancellor announced the highest ever level of government investment of £20.4 billion in research and development for next year, reinforcing the government’s commitment to back the UK’s R&D ecosystem to drive economic growth and achieve its five national missions.
The Budget will fully fund the UK’s association with Horizon Europe, providing scientists and innovators access to the world’s largest collaborative funding scheme, with over £80 billion available for cutting-edge projects under the EU scheme. The Department for Science, Innovation and Technology (DSIT) R&D budget has increased to £13.9 billion, and core research funding has also been increased to a record £6.1 billion, bolstering the UK’s leading research base.
A significant part of this Budget is dedicated to the UK’s life sciences sector, a cornerstone for positioning the UK as a leader in science and innovation, through a £520 million commitment to the Life Sciences Innovative Manufacturing Fund.
Additionally, the Chancellor announced funding for several other programmes to be led by DSIT. Together, these investments underscore the importance of science and technology in driving economic growth essential to raising living standards and funding public services, positioning the UK at the forefront of global innovation and progress.
No Advice
The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.
Information
The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.
Share this article