Vital R&D work exploring innovation in areas including human health and cutting-edge computing will be given long-term certainty under new criteria unveiled by Science Minister Lord Vallance.
It will enable and support government departments and other public bodies to fund R&D over a 10-year period – giving certainty to research organisations that their work will continue over the long-term.
This is in aid of helping those businesses to attract greater private investment and grow the UK economy.
While specific funding will be determined in the coming weeks, it could potentially see research organisations tackling areas like antimicrobial resistance or developing quantum computers.
It could also mean longer-term funding for infrastructure, such as large-scale research facilities and equipment, giving them certainty that the tools they need to drive progress are secured.
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The criteria which will be used by departments and public bodies to identify and prioritise relevant 10-year funding proposals are centred around 4 areas.
These four areas are infrastructure and core capabilities; talent attraction and retention; international collaboration; and partnerships and business collaboration.
“Research and innovation, from computing and AI to health breakthroughs need stability of funding,” said Lord Vallance.
“We are delivering on our manifesto commitment to support and encourage public bodies to deliver long-term 10-year funding streams where appropriate, while retaining the flexibility of shorter-term cycles to deal with emerging priorities.
“This change will provide certainty to certain types of research organisations and unlock vital business investment into our world-class research sector to drive the growth at the heart of our Plan for Change.”