Department for Business and Trade: Finance
The question
To ask the Chancellor of the Exchequer, pursuant to the Answer of 8 November 2024 to Question 12054 on Department for Business and Trade: Finance, whether the figures referenced are included in the £20.4 billion mentioned on page 65 of the Autumn Budget 2024, published on 30 October.
Answered by Tulip Siddiq
The £20.4bn referenced on page 65 of the Budget document refers to all departmental research and development budgets for 2025/2026.
This includes a research and development allocation for the Department for Business and Trade for 2025/2026 of £329m. This includes part of the over £2bn for the automotive sector and £975m for the aerospace sector announced over the next 5 years to 2029/2030 at Budget. The £520m announced for life sciences is not included in the overall figure as it is not research and development.
The overall allocations for the automotive and aerospace sectors in the Budget are multi-year commitments, with detail to be agreed through the second phase of the Spending Review. This multi-year allocation includes R&D and Capital funding.
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