Budget 2021: R&D funding announcement welcomed by Science and Technology Committee Chair

27 October 2021

Rt Hon Greg Clark MP, Chair of the House of Commons Science and Technology Committee, has welcomed the central role of science and innovation in the Chancellor's Autumn Budget, and the commitment to significantly increasing funding to £20 billion by 2024/25.

Rt Hon Greg Clark MP, Chair of the House of Commons Science and Technology Committee, said:

"I welcome the substantial commitment to science and innovation in the Budget. Achieving £20 billion by 2024/5 is the biggest increase in the science budget in our history. It is an investment in our future prosperity and wellbeing and will help us compete with other countries who are investing to become more research intensive.

“While it is regrettable that the Government’s £22 billion target will be achieved two years later than originally pledged, it is reassuring that the Chancellor has given a firm date for meeting it and listened to representations that steady progress should be made towards the target, rather than deferring increases until later years.”

Last week, the Chair wrote to the Chancellor, Prime Minister and Business Secretary, calling on the Government to uphold its commitment to a £22 billion fund for Research and Development by 2024–2025. In the letter, the Chair also expressed a number of key concerns relating to the allocation of funding within departments, and highlighting the importance of public spending to leverage private investment.