Comprehensive Spending Review protects science and research
Today, the government announced its four-year Comprehensive Spending Review (CSR) in which it stated that a ring fence will ensure continuity for investment in Science and Research – following through on its pledge to protect, as far as possible, the spending that generates high economic returns.
To develop the sector’s contribution to economic growth, the Government plans to reform the Higher Education Innovation Fund to incentivise universities to increase commercial interaction between the research base and business.
Extracted from the Spending Review (HEIF in 2.50):
Supporting long term growth
2.48 To support long term growth the Government will prioritise support for world class science, maintaining resource spending in cash terms.
The Government will also increase the efficiency of the science budget, saving £324 million a year by 2014-15. These efficiency savings will be reinvested in science. The Government will also take measures to increase the focus on excellence, and will spend £4.6 billion in each of the Spending Review years. A ring-fence will be maintained by BIS to ensure continuity of investment in science and research. The cutting-edge Diamond Synchrotron facility in Oxfordshire will receive
£69 million of public funding over the Spending Review period in partnership with the Wellcome Trust.
2.49 The Department of Health will increase spending on health research in real terms. Within this, additional funding will be made available to support the translation of research into practical applications, including the development of new medicines and therapies. To complement this, BIS will ensure that Medical Research Council expenditure is maintained in real terms. In addition, £220 million of capital funding from the Department of Health has been allocated for the UK Centre for Medical Research and Innovation, subject to approval of the final business case.
2.50 To develop the sector’s contribution to economic growth, the Government will reform the Higher Education Innovation Fund to incentivise universities to increase commercial interaction between the research base and business.
2.51 The Government will provide £200 million a year by 2014-15 to support manufacturing and business development, with a focus on supporting potential high growth companies and the commercialisation of technologies, including funding for an elite network of Research and Development intensive technology and innovation centres.
2.52 To ensure that small businesses have access to the finance they need for working capital and for growth, additional lending will be made available over the Spending Review period through a continuation of the Enterprise Finance Guarantee scheme. Funding will also be made available to provide equity finance for small businesses with growth potential.
For more information:
BIS Press Release: