UK receives almost £1bn investment into research and innovation

^{A new investment of almost £1 billion is hoping to help make the UK a major hub for research and innovation.}

The UK Research and Innovation Future Leaders Fellowship Scheme will receive £900 million over the next 11 years. Within the next three years, the scheme will produce six funding competitions and will award at least 550 fellows.

The investment is also set to provide seven years’ worth of funding for early-career researchers and innovators, potentially enabling them to tackle ambitious and challenging research questions.

In an attempt to support the next generation of tech entrepreneurs, business leaders and innovators, the scheme is opening to businesses as well as universities.

The announcement was made by business secretary, Greg Clark, who said: “We are a nation of innovators, with some of the world’s greatest inventions created on British soil – from penicillin to the first computer programme. We want to retain our global reputation as a destination for world-class scientists and researchers, by providing opportunities to find and nurture the next Ada Lovelaces and Isaac Newtons.”

“I want the UK to remain the go-to destination for the best researchers and innovators and that is why we are investing in the rising stars of research and innovation to develop the new products and technologies of tomorrow.”

The funding is part of the single biggest investment in research in 40 years and hopes to ensure the UK invests 2.4% of GDP in R&D by 2027 and becomes the most innovative economy by 2030.

Chief executive of UK Research and Innovation, professor sir Mark Walport said: “Talented people are the energy and engine of new knowledge, new ideas and new opportunities.  The long-term investment announced today means the UK will continue to attract and grow the very best, supporting those who want to solve the most difficult questions whether they are in frontier science, our evolving society or our changing economy.”

The Royal Society, Royal Academy of Engineering, British Academy, and Academy of Medical Sciences will also collectively receive £350 million for fellowship schemes designed to enhance the research talent pipeline and increase the number of available fellowships.

The next five years will also see £50 million be invested in additional PhDs, including PhDs to support research into Artificial Intelligence (AI).