The UK’s national funding agency for science and research UKRI, is working towards greater productivity and economic growth by exploring Britain’s world-class research base and supporting businesses to develop and realise the potential of new, innovative ideas.
The document delivered the government’s innovation strategy through to 2025 and has set the UK to be a global hub for innovation by 2035.
The UKRI delivery approach has taken a three-point approach to every project it undertakes.
First, it focused on innovation in three main fields: Net Zero, Healthy living and agriculture, digital, and technologies as well as working collaboratively with its partners and stakeholders to build the future economy.
Then, UKRI provides innovators with the appropriate products and services they need along their journey and ensures to support the very best innovative ideas to leverage the private sector investment needed to reach 2.4% R&D intensity – it measures a company’s R&D spending towards activities aimed to spur innovation.
Lastly, the funding agency has been determined to participate in the 2.4% target and wishes to level up opportunities and productivity across the UK by maximising business innovation capability.
Indro Mukerjee, CEO at Innovate UK stated, “Together, we will work to aspire, involve, and invest to support UK business innovation.”
The UKRI plan of action has the main purpose to invest in innovation to contribute to making a positive impact on the UK’s economy and society and this is supported by a significant budget between 2022 and 2025.
However, the overall budget for UKRI in 2023-2024 will experience a slight drop to £1,085.82m compared to £1,145.08m in 2022-2023.
Nonetheless, the forecasts for the following year are rising with a predicted overall budget of £1147.18 in 2024-2025, higher than 2022-2023.
In the next three years, the budget is going to increase predominantly in the Core R&I Budget which is the funding for talent and skills activities from £669.49m in 2022-2023 to £970m in 2024-2025; and immensely in the Net Zero department with a growing budget from £10m in 2022-2023 to £80m in 2024-2025.
UKRI remains optimistic and extremely determined to work towards a better future that combines the creation of more business opportunities but also preserving the environment and the planet.
The world is constantly changing and facing a dire number of challenges, therefore there is an urgent need to access innovation bodies to improve opportunities and create a more propitious future for businesses.