New details have been released by UK Research and Innovation (UKRI) about how its massive £38 billion ($51.3 billion) budget will be allocated over the next four years, until 2030.
Focusing on three core areas, UKRI will invest £14 billion ($18.9 billion) in curiosity-driven research, £8 billion ($10.8 billion) in targeted R&D for national priorities and £7 billion ($9.4 billion) supporting innovative growth. The remaining funding of around £8 billion ($10.8 billion) will be spent on foundational investments to boost skills and infrastructure.
“We’re aligning our budget to a new single mission, to advance knowledge, improve lives, and drive UK growth,” said UKRI CEO Ian Chapman. “Over the next four years, we will scale research and innovation investment to almost £10 billion ($13.5 billion) per year and target world-leading areas with the strongest return for the UK.
The structure of the record £38 billion ($51.3 billion) budget differs significantly from previous funding rounds, with the new approach seeking to focus on outcomes, transparency and closer alignment with Government policies. It’s hoped the benefits from curiosity-driven research will help unlock and leverage private sector investments and better position UKRI to respond to emerging opportunities.
Universities, researchers and innovators are all set to gain funding over the spending review period, as a direct result of the new spending priorities. Due to the major shift from previous budgets, UKRI will work with sector bodies to ensure performance and impacts are aligned with expectations. If the new model is not performing as expected, UKRI said it has the flexibility to “adjust or adapt” investment plans.
“There is no route to stronger growth without science, technology and innovation, so we must grasp the opportunities our world-class researchers and innovators offer with both hands,” explained the Science and Technology Secretary Liz Kendall.
“By doing fewer things better and backing winning ideas, this round of record UKRI funding can help more promising UK businesses to scale up while homing in on projects which have the best chance of benefiting us all,” she added.
