Allocations published for record £25.1 billion R&D budget settlement across UK Research & Innovation (UKRI)’s councils and major programmes
New allocations have today (Monday 30 May) been published for the record £25.1 billion Research and Development budget settlement being distributed across UK Research & Innovation (UKRI)’s councils and major programmes.
UKRI’s Research & Development budget will reach over £8.8 billion in 2024-2025, its highest ever level, allowing for the delivery of an ambitious agenda through its 9 councils.
This includes:
Science Minister George Freeman said:
This significant investment will support the UK’s already world-leading research work being done across the country, delivering local economic impact via R&D funding, attracting and developing top research talent, and helping unlock private sector investment.
UKRI contribute significantly to the government’s Levelling Up agenda, having developed a new approach to growing promising enterprise clusters, and driving the adoption of innovation – from technology advisory services to boost local diffusion, to providing access to competitive grants, and supporting links for innovators to private finance and investors.
The settlement, providing record-level funding for UKRI, also represents significant progress towards achieving the UK’s target for R&D investment reaching 2.4% of GDP by 2027, these ambitious plans, combined with the government’s generous R&D tax programme, will give businesses the confidence to invest in the wake of the pandemic.
Further details on how UKRI’s £25.1 billion budget has been allocated are provided in UKRI’s explainer document.