Innovate UK: Finance
The question
To ask the Secretary of State for Science, Innovation and Technology, how much funding he plans to allocate to Innovate UK in each of the next three years.
Answered by Feryal Clark
Earlier this year, the Chancellor launched a multi-year Spending Review, the first phase of which was completed and announced at this year’s Autumn Budget. This set DSIT’s overall R&D budget for 2025/26 at £13.9bn. Further details of how this funding will be allocated, including for UK Research and Innovation, of which Innovate UK is a part, will be announced in due course, and before the start of the financial year.
The Budget did not set departmental R&D budgets beyond 2025/26. The second phase of the Spending Review, which will conclude in late Spring 2025, will set out the government’s spending plans for R&D in years beyond 2025/26.
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