BEIS 2020-21 Funding Allocations reveal a huge boost for UK research and innovation.
The Chancellor’s 2020 Budget included ambitious plans to increase public research and development (R&D) investment to £22 billion by 2024. This is the largest and fastest ever expansion of funding for research and innovation, taking direct support for R&D to 0.8% of GDP. It places the UK among the top quarter of OECD nations.
The Government remains committed to meeting this goal, despite the uncertainty caused by the Coronavirus pandemic. The Department for Business, Energy and Industrial Strategy (BEIS) is moving forward with its plans, confirming allocations of the R&D budget for 2020-2021. As a first step towards meeting this ambition, £10.36 billion of funding is being allocated to BEIS programmes and partner organisations this financial year.
The funding includes:
- investment in world-leading science and advanced mathematics
- investment in Net Zero technologies in the energy, automotive and aerospace sectors
- support to immediate efforts to respond to COVID-19, including sponsoring efforts to manufacture and trial a vaccine
- investment to secure and maintain the essential talent and infrastructure needed to deliver cutting-edge research.
In short, funding for public sector research establishments will enable the UK to be at the forefront of fusion energy technology. It will also deliver world-leading meteorological and climate science, develop cutting-edge quantum measurement techniques, and capitalise on the UK’s space capabilities. In a move aimed at creating stability during the pandemic, BEIS is providing further support to R&D intensive businesses and higher education institutions.
If you’re interested in viewing the full list of R&D allocations for this financial year, click here. Alternatively, to discuss funding opportunities with one of our specialist advisers, please contact us today.
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