Budget 2021:Chancellor Rishi Sunak Inflation likely to rise further

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The Chancellor said: “We will invest more in innovation.

“The UK is already a world leader. With less than one percent of the world’s population, we have 14 of the world’s top universities.

“We want to go further.

“We will maintain our target to maintain R&D investment to £22billion.

“In order to get their we will reach the target in 2026/2027.

“Spending by the end of this Parliament £20billion a year on R&D.

“That’s a cash increase of 50 percent – the fastest increase ever.

“This £20billion is in addition to our R&D tax release.

“Combined with that the total public investment is increasing from 0.7 percent of GDP to 1.1 percent by the end of Parliament.

“This unprecedented funding will increase core science spending to £5.9billion a year by 2024/25.

“It will meet the association cost of Horizon Europe, establish a new advanced research and invention agency with £800m by 2025/26 and strengthen our focus on late-stage innovation.

“There’s more to becoming a science superpower than what the Government spends on R&D.

“Our ambitious net zero strategies is also an innovation strategy.

“We are investing £30billion to create new green industries of the future.

“We’ve just issued our second green bond, making us the third-largest issuer anywhere in the world.

“London was named the best place in the world for green finance.”

Horizon Europe is the EU’s key funding programme for research and innovation with a budget of €95.5 billion (£80billion).

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