Yesterday (30 May 2022) new allocations were announced showing that a record-high £25.1 billion Research and Development budget settlement is set to be distributed across the UK’s Research & Innovation (UKRI)’s councils and major programmes.
UKRI’s Research & Development budget will reach over £8.8 billion inn 2024-2021, which is the highest ever level, allowing for the delivery of an ambitious agenda through its 9 councils, including a £16.8 billion investment over the 3-year period through core budgets for UKRI’s 7 Research Councils, Research England and Innovate UK.
This substantial investment will support the UK’s existing world-leading research efforts, generating local economic benefit through R&D financing, attracting and developing top research talent, and assisting in the unlocking of private sector investment.
UKRI has developed a new approach to growing promising enterprise clusters and driving innovation adoption – from technology advisory services to boost local diffusion, to providing access to competitive grants, and supporting links for innovators to private finance and investors – and contributes significantly to the government’s Levelling Up agenda.
Full details about the new UKRI allocations can be seen here.