Recognising the importance of science and innovation to society, productivity and economic competitiveness, the government last week provided reassurance to UK participants of the European Union’s Horizon 2020 Programme with a commitment to safeguard funding for research and innovation projects.
As a result, British businesses and universities will have certainty over future funding and should continue to bid for competitive EU funds while the UK remains a member of the EU. The Treasury will underwrite the payment of such awards, even when specific projects continue beyond the UK’s departure from the EU.
The announcement follows government’s commitment in last year’s Spending Review to protect UK science spending in real terms, providing £26.3 billion from April 2016 to April 2021.
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