R&D investment news - 2023 budget

The UK government announced today, through the chancellor’s budget speech, ways in which they intend to support the growth of the UK R&D sector. Here are some key announcements:

The government will boost the funding for the UK Research and Innovation (UKRI) by £1.5 billion over the next three years, with a focus on strategic priorities such as climate change, health and security.

The government will increase the UK’s R&D spending to 2.4 per cent of GDP by 2027, as part of its ambition to become a global science superpower.

The government will launch a new £3 billion Innovation Fund to support high-risk, high-reward research projects across all disciplines and sectors.

The government will invest £500 million in a new National Centre for Artificial Intelligence and Data Science, to be based in London and Edinburgh, to foster collaboration between academia and industry.

The government will create a new UK Research Agency (UKRA) to fund transformative research and innovation, modelled on the US Defense Advanced Research Projects Agency (DARPA).

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