This Government wants the UK to be the go-to place for researchers, innovators and investors across the world. We have made a landmark commitment to work with industry to boost spending on Research and Development (R&D) to 2.4% of gross domestic product (GDP) by 2027. The work could increase public and private R&D investment by as much as £80 billion over the next 10 years. This will start with government making an extra investment of £2.3 billion in 2021/22, raising total public investment in R&D to £12.5 billion that year alone.
As part of our ambition for a new deep and special partnership with the EU, recognising our shared interest in maintaining and strengthening research collaboration, the UK will seek an agreement that promotes science and innovation across Europe now and in the future. This includes continued collaboration in vital sectors such as life sciences that, through programmes such as the Innovative Medicines Initiative, help deliver better care for patients in the UK, member states and around the world.
While we remain a member of the EU, UK businesses and universities should continue to bid for competitive EU funds, and we will work with the Commission to ensure payment when funds are awarded. The Government will underwrite the payment of such awards, even when specific projects continue beyond the UK’s departure from the EU. This includes awards that are bid for before exit that are successful after exit.