The UK’s science and innovation strategy was released this month, reflecting the government’s long-term commitment to science despite challenging economic times. Included in the strategy are plans for funding for scientific infrastructure and research, and for spurring innovation. Capital funding for science will receive £5.9 billion ($9.3 billion) from fiscal 2016 through fiscal 2021, with allocations consistent with the Autumn Statement (see IBO 12/15/14). Of that amount, a capital agility fund of £900 million ($1,400 million) will be established to allow flexibility to finance future projects. The Research Councils will assess by next summer how to best support research, and decisions on R&D priorities will be determined next year in Spending Review. To stimulate innovation, the government will expand the UK’s network of Catapult centers, opening the Catapults for Energy Systems and Precision Medicine in 2015. The availability of venture capital for smaller businesses will also be increased through extensions and recommitment of funds.
Source: HM Treasury and Department for Business Innovation and Skills