MercoPress. South Atlantic News Agency

UK to boost R&D in several areas with long term (over 10-year) funding to attract private investment

Science Minister, Lord Vallance said, “research and innovation, from computing and AI to health breakthroughs need stability of funding.”

British Science Minister Lord Vallance unveiled on Monday a more robust R&D criteria policy exploring innovation in areas as diverse as human health and cutting-edge computing, but particularly with a much-needed long-term certainty.

It will enable and support government departments and other public bodies to fund R&D over a ten-year period – giving certainty to world-class research organizations that their work will continue over the long-term, helping to attract greater private investment, grow the UK economy and deliver on the current government’s Plan for Change.

While specific funding will be determined in the coming weeks, it could, for example, see research organizations tackling areas like antimicrobial resistance or developing quantum computers – complex issues which can take years to develop and understand – granted longer timescales to boost their chances of unearthing truly valuable solutions and improving lives.

It could also mean longer-term funding for infrastructure, such as large-scale research facilities and equipment, giving them certainty that the tools they need to drive progress are secured.

This will more broadly enable long-term research that tackles the key issues facing the UK, and will crowd investment into the sector from businesses attracted to the certainty of public backing.

Evidence shows that the average £1 invested in public R&D leverages double that in private investment and generates £7 in net benefits to the UK economy in the long run – providing a major boost to the UK economy. This also delivers on a manifesto commitment and on calls from research organizations, innovators and milestone independent reports such as the Landscape Review of R&D.

The criteria which will be used by departments and public bodies to identify and prioritize relevant ten-year funding proposals are centered on 4 areas:

Infrastructure and core capabilities - where ten-year funding will allow recipients to develop or maintain core national infrastructure or support more impactful use of such infrastructure, which would not be possible under shorter funding cycles

Talent attraction and retention - where the skills development in a particular area is demonstrably vital to the UK growth agenda and longer-term funding would enable development of a pipeline of skilled researchers, scientists or engineers that otherwise would be difficult.

International collaboration - where there are demonstrable, additional opportunities for international collaborations with wider strategic benefits.

Partnerships and business collaboration - where there is demonstrable need for long term partnerships with industry – including charity and philanthropy – to tackle a significant challenge relevant to economic growth, and where shorter funding cycles would impede effective partnerships.

Science Minister, Lord Vallance, said: Research and innovation, from computing and AI to health breakthroughs need stability of funding. 

The announcement comes ahead of the publication of the UK’s modern Industrial Strategy and will ensure the UK continues to be a world leader in growth-driving sectors delivering increased investment and secure, skilled jobs for working people across the country.

The Department for Science, Innovation and Technology (DSIT) has worked with the Treasury and other stakeholders to develop the principles of ten-year funding and the process by which public bodies will select specific activities or institutions for long-term funding, to provide transparency for the R&D sector.