Below the relevant extract from the Chancelor’s Autumn Spending review released 25 November 2015. Highlights
- Innovate to move to providing loans instead of grants
- Sicence spending to be maintained in real terms
“We commit to the same level of support for our aerospace and automotive industries. Not just for the next five years but for the next decade.
Spending on our new catapult centres will increase.
And we’ll protect the cash support we give through Innovate UK – something we can afford to do by offering £165 million of new loans to companies instead of grants, as France has successfully done for years.
It’s one of the savings that helps us reduce the BIS budget by 17%.
In the modern world one of the best ways you can back business is by backing science. That’s why in the last Parliament, I protected the resource budget for science in cash terms. In this Parliament I’m protecting it in real terms so it rises to £4.7bn.
That’s £500 million more by the end of the decade. Alongside £6.9bn in the capital budget too.
We’re funding the new Royce Institute in Manchester, and new agri-tech centres in Shropshire, York, Bedfordshire and Edinburgh.
And we’re going to commit £75 million to a transformation of the famous Cavendish laboratories in Cambridge, where Crick and Rutherford expanded our knowledge of the universe.
To make sure we get the most from our investment in science, I’ve asked another of our Nobel Laureates Paul Nurse to conduct a review of the research councils.
I want to thank him for the excellent report he has published this week – and we will implement its recommendations.”