Government announces biggest R&D budget ever

The UK government has unveiled new plans for the largest research and development budget yet for 2022-2025.

The £39.8 billion R&D budget will help with the government's innovation strategy and goals to become a 'science superpower.'

The budget is set to deliver on the ambitions set out in the Innovation Strategy and will ensure total research and development spending reaches 2.4% GDP by 2027. This will help to achieve an advantage in science and technology.

Climate change, levelling up opportunities, and new technology including AI are amongst priority areas which will be supported.

A combination of the R&D investment plans and generous R&D tax credits programme aims to provide businesses owners with the confidence to invest in the field after the COVID19 pandemic.

The government also have plans to increase The UK Space Agency's budget.

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Article by GOV.UK