Chancellor Rachel Reeves announced a record level of government R&D investment in the Autumn Budget 2024.

It included new R&D investments to power the UK’s national missions, with regional innovation accelerators supporting growth across the country.

Key points taken from the Autumn Budget:

  • £20.4bn in investment for UK R&D to drive economic growth
  • Fully funding association to Horizon Europe, providing scientists and innovators access to the world’s largest collaborative funding scheme worth £80bn.
  • DSIT’s R&D budget increase to £13.9bn, and core research funding increased to a record £6.1bn, bolstering the UK’s leading research base.
  • Up to £520m Life Sciences Fund to unlock £1.8b in private investment and advance health resilience.
  • Life Sciences Innovative Manufacturing Fund(LSIMF), with an initial £70m in grants, to secure major life sciences manufacturing investments across the UK.
  • New R&D Missions Programme (RDMP), with an initial investment of £25m to address specific challenges such as advancing healthcare and transitioning to cleaner energy
  • Proof of Concept Fund – investment of £40m over five years, to aid researchers in bringing their innovative ideas to the market, creating high-potential start-ups that drive job creation and economic growth.
  • Innovation Accelerator programme – will continue for another year, focusing on high-potential clusters in the West Midlands, Glasgow City Region and Greater Manchester.
  • Made Smarter Innovation programme – Up to £37m ongoing funding, to drive industry adoption of digital technologies, to enhance productivity and sustainability.
  • DEFRA – funding of £58m across 2024-26 for research and innovation to support climate resilience and net zero goals.

Medilink Midlands will continue to share the latest developments on the above funding and investment opportunities.

If you have any queries relating to innovation and funding support, please contact [email protected].

Latest Opportunities

Grant and funding opportunities report from Health Innovation East

Health Innovation East has developed a grant opportunities report to help you know what may…

University of Nottingham calling decision-makers to participate in survey

The University of Nottingham invites you to participate in their survey, designed to understand your…

Expression of Interest: Cohort 2 Health Innovation East Digital Hub

Who is this programme suitable for: Small and medium-sized enterprises, along with clinical entrepreneurs and…

Latest News

Record level of government R&D investment seen in Autumn Budget 2024

Chancellor Rachel Reeves announced a record level of government R&D investment in the Autumn Budget…

eg technology launches Technology Readiness Level assessment

eg technology’s Technology Readiness Level (TRL) assessment is a practical way for innovators to assess…

Guardtech Group win fourth award in two months with Cleancube shipping container facility innovation

The Guardtech Group has claimed a fourth awards success in the space of just two…