UK: Record £20.4 Bn investment for R&D, including full funding of association with Horizon Europe

Rachel Reeves, British Chancellor of the Exchequer, announces "the highest ever level of Government investment of £20.4 Bn (€24.32 Bn) in research and development for next year, reinforcing the Government’s commitment to back the UK’s R&D ecosystem to drive economic growth", on 30/10/2024 during the annual budget set in the House of Commons.

The Government also confirms that the budget will fully fund the UK’s association with Horizon Europe, with over £80 Bn available for cutting-edge projects under the EU scheme.

R&D public investment sees an increase of 4.9% in 2025-2026, while the Department for Science, Innovation and Technology's R&D budget is increased to £13.9 Bn (4.5% uplift) and core research funding has also been increased to a record £6.1 Bn.

"Together, these investments underscore the importance of science and technology in driving economic growth essential to raising living standards and funding public services, positioning the UK at the forefront of global innovation and progress", declares the Government.

After the General election in June 2024, the new Labour…