The Department for Science, Innovation and Technology (DSIT) has set out how it will allocate a record 拢13.9bn in funding for transformational research and development (R&D) in the next year.
UK Research and Innovation (UKRI), the UK鈥檚 lead public research funder, will receive 拢8.8bn over the next year.
This funding will drive forward research that could transform lives and help make the NHS fit for the future 鈥� like the work on blood tests to diagnose dementia earlier, a disease affecting more than 980,000 people in the UK.
Public investment in R&D is also central to progress that grows the economy through new jobs and commercial opportunities.聽
Each pound of public R&D investment is also estimated to leverage double in private investment in the long run. 老九品茶es that receive their first R&D grant funding also see jobs and turnover go up by over 20% in the following six years.
鈥淥ur 拢13.9 billion investment in R&D is ultimately an investment in the future of the UK,鈥� said Science and Technology Secretary, Peter Kyle
鈥淩&D is essential to fulfilling this government鈥檚 Plan for Change 鈥� whether in improving lives across the UK and beyond through new life-saving drugs, helping us build a cleaner, greener future or in exploring beyond our planet to unlock new discoveries that keep us healthy, safe and prosperous and much more besides.
鈥淚t is also central to creating highly paid jobs and opportunities to set up new businesses across the UK, which will drive the economic growth that is key to supporting our public services and enhancing our daily lives.鈥�
The government is also investing nearly 拢670m in space through the UK Space Agency to help develop the space industry in the UK, employing 50,000 people in the UK and ensuring British companies like Airbus are involved in exploration beyond earth.
The Department鈥檚 investment in R&D to protect our planet also includes 拢310m for the Met Office.
The allocation of this record 拢13.9bn in funding follows the Chancellor鈥檚 announcement at the budget that the government would protect record levels of R&D spending, with 拢20.4bn being invested over the coming year across all government departments.
UKRI CEO, Professor Dame Ottoline Leyser, added: 鈥�Research and innovation play a crucial role in driving sustainable economic growth, creating jobs and improving public services for people across the UK.聽
鈥淭his allocation safeguards the capability of the UK鈥檚 world class research and innovation ecosystem and enables investment to support the government鈥檚 five missions.聽
鈥淯KRI will use its unique position in the research and innovation system to make smart and strategic investment choices, delivering the best outcomes now and in the future,鈥痑nd making the most effective use of public money.鈥�