Government to invest £20 billion in R&D by 2024/25 Published: 4 November 2021 The Chancellor of the Exchequer Rishi Sunak MP presented both the Government's three-year Spending Review and the 2021-22 Budget last week. He announced Government will invest £20 billion in R&D by 2024/25. The target of £22 billion is maintained, though will now not be reached until 2026/27. The Department for Business, Energy & Industrial Strategy (BEIS) will receive £14.2 billion for R&D funding by 2024/25, an increase of £3 billion from 2021/22. As a result, core science funding to National Academies, universities and research institutions will rise to £5.9 billion by 2024/25. The Department of Health and Social Care (DHSC) will receive £5 billion by 2024/25 to fund health research via the National Institute of Health Research (NIHR), with £2 billion spent in 2024/25. Other key announcements include: £2.1 billion will be allocated for association to the Horizon Europe funding programme; The Overseas Development Assistance (ODA) budget, which contains funding for research, will return to 0.7% of GDP by 2024/25; The new Advanced Research and Invention Agency (ARIA) will receive £800 million by 2025/26, with £50 million in 2021/22. In addition, £95 million will be invested in increasing the uptake of innovation in the NHS and £30 million invested in in research skills and training, which will focus on improving diversity by increasing the number of life science researchers from under-represented groups. NHS England will receive £5.9 billion to help clear the backlog of patients waiting for tests and treatments. Genomics England will launch a pilot scheme to detect rare diseases, Generation Genome, which aims to sequence 100,000 new-borns; and a Diverse Data project will aim to tackle healthcare inequalities by increasing the proportion of under-represented groups in genomics research.