The Chancellor of the Exchequer presented his Budget to Parliament on 11 March, announcing a landmark £22bn investment in UK science by 2024-25. The Society welcomes this investment as a step change in funding and a significant, long-term commitment to developing the UK as a ‘science superpower’.
Along with partners in the sector, the Society has been calling for overall UK investment in science to reach at least 2.4% of GDP by 2027, increasing from the current 1.7%. Overall investment combines public funding with that of the private and third sectors. To reach this target, the Campaign for Science and Engineering (CaSE) has modelled that absolute investment needs to reach £65bn by this date.
Investing wisely in the UK’s world-leading science - and in the research capability of the NHS - can help boost international competitiveness, attracting the funding and collaborations that will ultimately benefit patients and society.
Further details of spending allocation will be detailed through the upcoming spending review. The Campaign for Science and Engineering have published an explainer of what is currently known about how this investment will be directed.