Earlier this month the Department for Business, Energy & Industrial Strategy announced the largest research and development (R&D) budget in UK history.
The 2022-2025 budget has been set at £39.8 billion, and will ‘help deliver the government’s Innovation Strategy and diver forward ambitions as a science superpower’. A significant proportion of the budget has been allocated to UK Research & Innovation (UKRI) who will have access to over £25 billion. Furthermore, the UK Space Agency will have access to £600 million from 2024-2025 as recognition to its contribution of £16 billion to UK GDP.
The Business Secretary Kwasi Kwarteng has said:
‘For too long, R&D spending in the UK has trailed behind our neighbours – and in this country, science and business have existed in separate spheres. I am adamant that this must change. Now is the moment to unleash British science, technology and innovation to rise to the challenges of the 21st century.’
The budget will also support areas such as climate change through clean tech and artificial intelligence (AI), industries that the UK is very competent in.
If your business is interested to finding out more about how it can make the most of this budget click here to contact our team of R&D tax experts today.