29th March 2022

In a further boost to R&D funding, the UK government has announced a £39.8 billion R&D budget for 2022 – 2025, the largest research and development budget the UK has seen to date.

The budget is to be allocated across the Department for Business, Energy, and Industrial Strategy (BEIS) with R&D spending set to increase by £5 billion to £20 billion per annum by 2024/2025. This is a 33% increase which will fast track UK research and development.

The investment will see a boost across R&D related industry sectors throughout the UK, including a boost in public R&D investment outside the greater South-East. These regions are set to receive at least 55% of the BEIS R&D budget by 2024/2025.

The government’s R&D investment plans, combined with its R&D Tax Credit scheme, will further support businesses investing in innovation and technical development. Research shows that every £1 of public expenditure in R&D eventually leverages an average of £2 of additional private investment.

https://www.gov.uk/government/news/government-announces-plans-for-largest-ever-rd-budget