The Department for Science, Innovation and Technology (DSIT) will unveil a new 10-year research and development budget to provide long-term certainty to researchers and industry.
R&D budgets have traditionally been set annually, which has been a source of criticism from the tech industry and research teams who struggle to make long-term plans and investments without lasting or clear plans.
The 10-year budget, which was part of Labour’s general election manifesto, aims to provide greater clarity and make private investment into science and technology more attractive.
“Research and innovation, from computing and AI to health breakthroughs need stability of funding,” said Science Minister Lord Vallance.
“We are delivering on our manifesto commitment to support and encourage public bodies to deliver long-term ten-year funding streams where appropriate, while retaining the flexibility of shorter-term cycles to deal with emerging priorities.
The budget itself is still in the works and is expected to be released in the coming weeks.
A likely candidate for increased funding is quantum computing, a complex field that requires consistent investment over several years that the government has identified as a core technology and economic driver for the future.
DSIT said the criteria it will consider includes whether the research can contribute to critical infrastructure; it will attract and retain top talent; it could encourage international collaboration and if there is a demonstrable need for long-term partnerships with industry.
According to DSIT figures, on average, every £1 spent on public R&D leverages double in private investment and generates £7 in net economic benefits in the long run.
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