UK Government R&D Funding Totalled at £14.9 Billion in 2021/22
£250 million has been announced from the UK Government for R&D funding. This funding is a big step towards the UK’s ambitions to become a research and development science superpower.
The supplementary UK Government R&D funding now takes the total investment to £14.9 billion in 2021/22. Research and Development are at the heart of the Government’s plans to build back better after the pandemic. The additional UK Government R&D funding is now at its highest level in four decades.
What will the funding support?
The UK Government R&D funding provides grants for businesses with the aim of supporting pioneering research. It hopes to enable scientists, researchers and businesses to access and benefit from the world’s largest collaborative research programme.
Horizon Europe
Horizon Europe is thought to be worth around €95 billion over the next decade. It promises to be at least a 20% larger framework programme. It enables UK scientists to have access to the largest collaborative funding scheme in the world. Horizon Europe is the EU’s funding programme for research, development and innovation. A substantial 70% of funding is reserved for SMEs, encouraging a healthy and competitive field.
The programme facilities collaboration and strengthens the impact of R&D while tackling global challenges. It has a focus on the creation and dispersion of excellent knowledge and technologies.
Their missions are sets of measures to achieve bold, inspirational and measurable goals within a set timeframe. Their five mission areas are:
- Adaption to climate change including societal transformation
- Cancer
- Climate-neutral and smart cities
- Healthy oceans, seas, coastal and inland waters
- Soil health and food.
Why the Government is putting so much money into R&D
The UK government has a target of 2.4% of GDP being spent on R&D across the UK economy by 2027. They hope to increase the budget for research and development to £22 billion by 2027.
Last month, the UK government announced a new Advanced Research and Innovation Agency (ARIA). This is backed with £800 million by 2024/25 and is tasked with funding high-risk, high-payoff research. It’s hoped that the research will offer the chance of high rewards supporting ground-breaking discoveries that could transform lives.
3 things to remember when applying for UK Government R&D funding
- Innovation should be at the heart of your proposal. R&D funding will be looking for advanced, ground-breaking and innovative solutions.
- Demonstrate sustainability. The UK Government is committed to a sustainable future and green industrial revolution so don’t overlook sustainability.
- Realistically evaluate the running costs. Funders want to see their money going to businesses that know how to manage it and won’t overspend unnecessarily.
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- How a Grant Writing Consultant can help your business
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