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Research: Finance

Question for Department for Business, Energy and Industrial Strategy

UIN 94375, tabled on 16 December 2021

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent discussions his Department has had with relevant stakeholders on the replacement funding for the R&D funding from the European Regional Development Fund.

Answered on

5 January 2022

The UK Shared Prosperity Fund (UKSPF) is a domestic successor to the EU Structural Fund programme, worth over £2.6 billion. The UKSPF will help people access opportunity in places in need, such as ex-industrial areas, deprived towns and rural and coastal communities, and for people in disadvantaged groups across the UK.

The Government values the insights of stakeholders from different sectors and areas across the UK, which supports the development and delivery of the fund. Since the publication of the UKSPF Heads of Terms at Spending Review 2020, Department for Levelling Up, Housing and Communities (DLUHC) officials have engaged widely on the UKSPF and DLUHC will continue to engage stakeholders as the fund is developed.

Furthermore, the Government’s Innovation Strategy, published in July, outlines our emerging thinking on how to ensure that research and innovation benefits the economy and society across the UK as part of Government’s objectives to level up the UK economy. The 2021 Spending Review sees record levels of investment in the UK’s world-leading research base. Government investment in research and development (R&D) will increase by £5 billion to £20 billion p.a. by 2024-25. This will not only allow the UK to build on our core strengths, but will also provide opportunities to grow research and innovation across the entire country.

The forthcoming Levelling Up White Paper will also play a critical role in setting out how R&D together with skills, infrastructure, business support and regeneration can improve living standards, grow the private sector, and increase and spread opportunity across the UK.

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