Wednesday's budget announcement included £20.4 billion of funding for research and development for the next year.
The money will fully fund the UK’s association with Horizon Europe, providing scientists and innovators access to the world’s largest collaborative funding scheme, with over £80 billion available for cutting-edge projects under the EU scheme.
At the same time, DSIT’s R&D budget has increased to £13.9 billion, and core research funding has also been increased to a record £6.1 billion.
£520 million has been allocated to the life sciences sector, through the Life Sciences Innovative Manufacturing Fund. This will begin with £70 million in grants.
Science and Technology Secretary Peter Kyle said: "The Autumn Budget is clear recognition of this government’s view that driving economic growth and improving people’s lives cannot be done without investing in science and technology.
"That’s why we are taking R&D investment to record levels and matching our words with action by empowering researchers and businesses to solve real-world problems, grow emerging new industries and create high-quality jobs."
There is £25 million for the R&D Missions Programme, which is targeted to address specific challenges National Missions face, such as advancing healthcare and transitioning to cleaner energy.
To support the Growth Mission, there is £40 million over five years in a Proof of Concept Fund, to turn pioneering university research into successful companies.
There is also at least £500 million over the next year set aside for Project Gigabit and the Shared Rural Network to accelerate the rollout of digital infrastructure to underserved regions in the UK. This aims to deliver full gigabit coverage by 2030.
Professor Andrew Morris PMedSci, President of the Academy of Medical Sciences, said: "With this Budget, we are pleased that the government has recognised the pivotal role of research and innovation in powering economic growth and prosperity. The Academy will continue to support this by working with our partners to deliver the best possible outcomes for research and for the health of people everywhere.
"It is encouraging that the Chancellor is providing much-needed stability for our research community by protecting core R&D budgets and we particularly welcome the real-terms increase in National Institute for Health Research investments, which are an important step towards delivering health research and innovations for patients across the UK."
Dr Tim Bradshaw, Chief Executive of the Russell Group said: "In a challenging fiscal landscape, we are pleased to see the government has protected the R&D budget, including core research funding, and recognised the value of research and innovation as a key pillar of the growth mission. This will allow universities to continue to deliver on growth and productivity, contributing to job creation, regional investment and advances that improve public services.
"We particularly welcome the introduction of a multi-year R&D missions programme which highlights the role of R&D in achieving the government’s top priorities, including the Industrial Strategy. We are also very encouraged to hear that full funding has been made available for our association to Horizon Europe. In both of these areas we will be working with our partners across industry and academia to maximise the benefits for the UK.
"Continuing to grow R&D investment for the UK, including in fundamental research, will be crucial to creating new industries, leveraging private investment and delivering high-value jobs across the country."
