The government has announced a £55 billion R&D funding boost for science and tech breakthroughs that improve lives, create jobs and grow the economy.

DSIT has confirmed long-term R&D funding for the UK’s research agencies and bodies.

Research shows that every £1 spent delivers £8 in net economic benefits over the long-term and every £1 of public money invested in R&D brings in a further £2 in private investment.

Over the last year, the government has invested £129 into BioNTech, who are setting up UK R&D centres to advance innovative cancer medicines.

Science and Technology Secretary Liz Kendall said: "Backing our best and brightest researchers and innovators is essential. They are making the impossible, possible, from health to clean energy and beyond. Their ideas will create tomorrow’s industries, boosting growth and transforming public services now and in the future.

"By investing in their work, we are backing the long-term success of the UK, by paving the way for breakthroughs that will help us all to live and work better."