The Government has confirmed the allocations of the £39.8bn research and development budget for 2022-25, aimed at delivering the Innovation Strategy and the ambition to increase total research and development (R&D) investment to 2.4 per cent of GDP by 2027.

Rosalind Lowe, head of policy and engagement at the National Centre for Universities and Business (NCUB), said: "The budget announcements are important to the UK's journey to becoming a science superpower and innovation nation. Committing to a research and development budget for 2022-25 of £39.8bn sends a positive message to researchers and businesses around the world that we are serious about growing our research and innovation capabilities.

"Research and innovation is the UK's national strength. Investing in this is central to our well-being, our economy and our prosperity.

"We applaud the Government for delivering a strong, long-term public commitment to research spending, paving the way for a prosperous future. Now important decisions will need to be taken about how the allocated funds will be spent."