Rishi Sunak delivered the Spending Review to Parliament on 25 November 2020, detailing how the Government is going to fight against the coronavirus which includes significant increases in Research and Development (R&D) funding.
To invest in the UK’s recovery, the UK Government will provide billions of pounds to deliver on the promises it has made to the British people to protect people’s lives and livelihoods next year.
This money will go towards increased funding to deliver stronger public services, £55 billion to tackle the virus, and £100 billion capital spending, including infrastructure to drive the UK’s recovery and support jobs.
Projects funded by capital spending next year are as follows:
Nearly £19 million of investments into transport, this includes £1.7 billion for local roads maintenance and upgrades.
Significant increases to R&D funding with nearly £15 billion for clinical research to support the delivery of new drugs, treatments and vaccines to fight the virus.
£4.2 billion for NHS operational investment, to enable hospital refurbishments and maintain their infrastructure.
NHS diagnostics equipment to improve clinical outcomes will also receive £325 million worth of funding.
Over £260 million will go towards the transformative digital infrastructure programmes, including Local Full Fibre Networks, the Shared Rural Network for 4G coverage, and the 5G Diversification and Testbeds and Trials Programmes.
To ‘build back better’, this investment will improve the UK’s competitiveness in the long run, by funding in a greener future by delivering against the Prime Minister’s ten-point plan for climate change and supporting new advances in cutting-edge research plus clean energy sources.
For more information and advice on R&D funding, please contact our expert team at Kapitalise today.