The budget allocated to innovation agency Innovate UK is to increase to more than £1 billion by 2025.

Parent body UK Research and Innovation, also a non-departmental public organisation operating independently of – but funded by – the UK government, published its corporate plan to drive economic, social, environmental and cultural benefits for the nation.

The plan sets out how UKRI will spend its annual £7.9bn budget and builds on its five-year strategy. It will be followed by publication of strategic delivery plans for UKRI’s nine councils.

The corporate plan includes details of a £2bn talent programme; plans to increase research and innovation infrastructure investment to £1.1bn a year by 2024-5; a budget increase for Innovate UK to more than £1bn by 2024-5; and an extra £185 million across UKRI to target global and national challenges, including a new ‘Building a Green Future’ programme; and a pilot £65m investment in new and emerging areas that reach beyond disciplinary boundaries.

It will also pilot Innovation Accelerators in Greater Manchester, West Midlands and the Glasgow City Region.

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“Our corporate plan sets out the key actions UKRI will take over the course of our three-year budget settlement to foster an outstanding research and innovation system for the UK,” said UKRI chief executive Professor Dame Ottoline Leyser.

“This collective programme of work across UKRI is guided by our ambitious strategy, which outlines our strategic objectives and four principles for change: diversity, connectivity, resilience and engagement.

“We are committed to ensuring that UKRI realises its full potential, working with our many partners to convene, catalyse and invest in the UK’s world-class research and innovation endeavour, enriching lives locally, nationally and globally.”

Business Secretary Kwasi Kwarteng said: “Research and innovation is crucial to the UK’s future; it will drive prosperity in every part of the country and deliver benefits for all.

“UKRI’s corporate plan outlines how we will support the UK’s world-leading researchers and innovators to thrive, strengthening our position as a science superpower and the best place in the world to innovate.”

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