Government announces plans for largest ever R&D budget

The government announced that the Department for Business, Energy, and Industrial Strategy’s partner organisations will receive the greatest ever research and development budget of £39.8 billion.

The £39.8 billion R&D budget for 2022-2025 will aid in the implementation of the government’s Innovation Strategy and the advancement of science technology.

• The Business Secretary confirms how the government’s £39.8 billion R&D budget for 2022-2025, the largest ever, will be distributed among partner organisations. 

• These allocations will support the government’s Innovation Strategy, which includes the goal of increasing total R&D investment to 2.4 percent of GDP by 2027. 

The Spending Review promised historic levels of investment in the UK’s world-leading research base over the next three years, with R&D spending scheduled to rise by £5 billion to £20 billion per year by 2024-2025, a 33 percent increase over the current parliament.

This information was provided by Gov.uk – ‘Government announces plans for largest ever R&D budget’

It is important to note that this article focuses more on R&D budgets that are mainly allocated to grant funding rather than R&D tax credits. This article shows a promising foreword to this week’s Spring Statement.

Thoughts from our Head of R&D – Alex Black:

“A really exciting time to be involved with innovation within the UK. We’re looking forward to seeing what the Chancellor has in store for us in the Spring Statement on 23 March. I and the R&D team at Ad Valorem will continue to support our clients in claiming R&D tax credits as the scheme continues to evolve.”

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk