The Institute of Cancer Research, London is set to receive extra Government funding after being recognised in the Budget as a world-leading specialist institution.
The Government announced plans to increase funding for the UK’s foremost specialist institutions by £80 million over the next five years, and named the ICR as an example of a world-leading institution with global reach.
Chancellor Rishi Sunak’s Budget placed a strong focus on investment in research and development as he set out the Government’s plans for how it is going to spend the nation’s money.
His Budget stated: “In recognition of their excellence and global reach, the Government will increase funding for the UK’s foremost specialist institutions by £80 million over the next five years. This will support world-leading organisations such as the London School of Hygiene and Tropical Medicine, the Royal College of Art and The Institute of Cancer Research among others.”
Along with this, the Government announced plans to increase investment in UK R&D to £22 billion a year by 2024-25. It also confirmed a budget of at least £800 million for a blue-skies research agency, modelled on the US Defense Advanced Research Projects Agency, and an additional £34 billion a year by 2024 for the NHS.
'Recognised as world-leading'
Professor Paul Workman, Chief Executive of the ICR, said:
“It’s fantastic for the ICR to be recognised in the Budget as a word-leading specialist research institution, and even more importantly that the Government has placed such a strong emphasis on investment in science and innovation. It is great to see the Chancellor recognising the importance of specialist expertise, and basic research, for both the UK's economy and for driving life-saving advances in treatment.
“We will be keen to see how the details of the Budget play out, and will continue to make the case for the Government to cover the full costs of research, as this is currently a major challenge for the scientific community. Doing so would give a further boost to the UK’s ability to compete on the global stage.”