Autumn Statement 2014

The Chancellor has announced his last Autumn Statement ahead of next year’s General Election.

Announcing the package for science, George Osborne said it was "crucial to our economic future."

He outlined how £5.9 billion capital funding previously announced for science will be spent in the next Parliament. Around half (£2.9 billion) of this money will be allocated to a Grand Challenges fund for major national research facilities. The government committed £0.8 billion of this today to facilities and projects including:

• £235 million for a Sir Henry Royce Institute for advanced materials in Manchester
• £113 million for big data at Hartree, Daresbury
• £31 million for new energy security and innovation centres
• £95 million to support the UK to take the lead in the next European mission to Mars
• £20 million for an innovation centre on ageing in Newcastle
• £60 million to extend the capabilities of the National Nuclear Users Facility

The remaining capital funding will be invested in existing scientific facilities,  around half of which will be subject to competition.

Responding to the Autumn Statement, the Royal Society of Chemistry’s President, Professor Dominic Tildesley, said: "The Chancellor rightly recognises that science and innovation are crucial to our economic future, so today’s announcement of new funding for innovation centres, in particular the new Formulation Innovation Centre, is very welcome.

"Earmarking roughly a quarter of capital science funding for competition by existing facilities is also a step in the right direction but, to truly maximise the impact of science on the economy, we need politicians now and beyond next year’s election to ensure funding decisions are based on fair, open consultation and scientific excellence.

"We look forward to seeing the government’s vision for the future of UK science in their science and innovation strategy in the coming days."

The Autumn Statement also included £144 million additional funding for innovation, including:

• £61 million extra funding for the High Value Manufacturing Catapult Centre
• £28 million for a new Formulation Innovation Centre at Sedgefield, County Durham
• £55 million to support the European Space Agency’s ExoMars programme