Innovate UK budget to rise by 50%

The October Budget and Spending Review announces Innovate UK’s budget will grow to £1 billion by by 2024/25, up from £667 million in 2021/22- a 50% increase in 3 years, bringing Innovate UK spending close to that of Engineering and Physical Sciences Research Council (EPSRC).

Whilst welcome the support for latter stage innovation, the PLG call on Innovate UK to back the transformative technologies families identified in the innovation strategy, including photonics electronics and quantum, in balance with market challenges, in line with the recommendations of the recommendation of Innovation Strategy published in July.

Simultaneously the Governments previous target to increase public investment in UK R&D to £22 billion per year has been delayed by two years to 2026/27.

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