UK Research and Innovation’s (UKRI) rising three-year budget for investment has been confirmed by the government today.

UKRI will have a Spending Review allocation settlement of £7,908 million in 2022 to 2023 rising to £8,865 million in 2024 to 2025.

This represents a 14% increase above our comparable settlement of £7,769 million in 2021 to 2022.

A total of £25 billion will be invested by UKRI over the next three years in world-class research and innovation across the UK.

UKRI Chief Executive Professor Dame Ottoline Leyser said:
"Research and innovation are crucial tools for navigating the biggest challenges of our time, shaping the post-pandemic recovery, achieving environmentally sustainable and secure energy and building a vibrant knowledge economy with opportunities and benefits for everyone.

At a time of significant pressure on public finances, we have achieved this positive settlement by working closely with researchers, innovators, businesses and partners across the UK to make the strongest possible case for sustained investment in research and innovation.

Our forthcoming strategy will allow us to invest £25 billion over this period in the most effective way to support the talented people, places, infrastructures, ideas and impacts we need to foster a world-class research and innovation system for the UK."

Professor Leyser added:
"There will be difficult choices ahead. We know there are always more excellent ideas, projects and talented people than there is public money to support them, and we have increasing pressure on our budget due to rising inflation.

But through the work of UKRI and our extensive range of UK and global partners, we will invest every pound carefully to realise our shared ambition and create the connections needed across the growing research and innovation system."