Chancellor Rachel Reeves announced a record level of government R&D investment in the Autumn Budget 2024.
It included new R&D investments to power the UK’s national missions, with regional innovation accelerators supporting growth across the country.
Key points taken from the Autumn Budget:
- £20.4bn in investment for UK R&D to drive economic growth
- Fully funding association to Horizon Europe, providing scientists and innovators access to the world’s largest collaborative funding scheme worth £80bn.
- DSIT’s R&D budget increase to £13.9bn, and core research funding increased to a record £6.1bn, bolstering the UK’s leading research base.
- Up to £520m Life Sciences Fund to unlock £1.8b in private investment and advance health resilience.
- Life Sciences Innovative Manufacturing Fund(LSIMF), with an initial £70m in grants, to secure major life sciences manufacturing investments across the UK.
- New R&D Missions Programme (RDMP), with an initial investment of £25m to address specific challenges such as advancing healthcare and transitioning to cleaner energy
- Proof of Concept Fund – investment of £40m over five years, to aid researchers in bringing their innovative ideas to the market, creating high-potential start-ups that drive job creation and economic growth.
- Innovation Accelerator programme – will continue for another year, focusing on high-potential clusters in the West Midlands, Glasgow City Region and Greater Manchester.
- Made Smarter Innovation programme – Up to £37m ongoing funding, to drive industry adoption of digital technologies, to enhance productivity and sustainability.
- DEFRA – funding of £58m across 2024-26 for research and innovation to support climate resilience and net zero goals.
Medilink Midlands will continue to share the latest developments on the above funding and investment opportunities.
If you have any queries relating to innovation and funding support, please contact [email protected].
