Today the Chancellor has set out details of the biggest step-change in research investment in almost 30 years.
Recognising the strong link between research and productivity, he has committed an extra £4.7bn between now and 2021 to help the UK’s research community transform the economy and quality of life across the nation.
By 2021, this will mean 20% more public money invested in world-leading research, helping the UK to catch up to the investment levels of our competitor nations on the global stage.
In response, Professor Sir Robert Lechler PMedSci, President of the Academy of Medical Sciences, commented:
"The Chancellor’s decisions will help the UK remain an international leader in research, and attract the ideas, investment and people that we need to prosper.
"Empowered by the new Industrial Strategy Challenges Fund, the Research Councils and Innovate UK will be able to identify and support discoveries in our world-leading labs and see these transformed into improvements for patients and the public. This will combine with a review of the tax environment for research-intensive companies, to ensure that industry investment can keep pace with the government's bold agenda.
"Research is one of the UK’s strengths. The Academy has called for long-term investment in this sector – today’s announcement represents an investment in our innovative researchers, an investment in the transformational work they do, and an investment in the UK’s future."
The National Academies have recently published Open for Business, a joint statement calling for the Government to invest boldly in research and innovation to secure Britain's top spot among the world's scientific superpowers.