06.12.12
£600m science investment – Autumn Statement
The UK science industry got a surprisingly large boost in the Autumn Statement yesterday, with a £600m investment announced.
Chancellor George Osborne allocated the funding to focus on research in eight streams identified in a speech to the Royal Society in November.
These are synthetic biology, energy storage, advanced materials, space, robotics, regenerative medicine, agricultural science and big data computing.
The investment brings the total capital spending on science since the 2010 spending review to over £1.5bn. The new funding will be spent over three years: £10m, £282m and £308m annually.
Science minister David Willetts said: “It will support high-tech areas where the UK's research base and industry can gain a competitive advantage. This will drive growth, create the jobs of the future and help us get ahead in the global race.”
President of the Royal Society, Paul Nurse, said: “We have some way to go to match the public and private investment levels in research and development of some of our competitor economies but we have the advantage of already being truly world class in many areas of science.”
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