The Government today confirmed the allocations of the £39.8bn research and development budget for 2022-25, which are aimed at delivering on the Innovation Strategy and the ambition to increase total research and development (R&D) investment to 2.4% of GDP by 2027.
In response to this announcement, Rosalind Lowe, Head of Policy and Engagement at the National Centre for Universities and Business (NCUB) says: “Today’s budget announcements are important to the UK’s journey to becoming a science superpower and innovation nation. Committing to a research and development budget for 2022-25 of £39.8bn sends a positive message to researchers and businesses around the world that we are serious about growing our research and innovation capabilities. The Government has today shown its commitment to a vision of a better future driven by research and innovation.”
Lowe concluded: “Research and innovation is the UK’s national strength. Investing in this is central to our well-being, our economy, and our prosperity. We applaud the Government for today delivering a strong, long-term public commitment to research spending, paving the way for a prosperous future. Now important decisions will need to be taken about how the allocated funds will be spent.”