Catapults secure 35% increase in investment from Government in Autumn Statement 2022
Catapults secure 35% increase in investment from Government in Autumn Statement2022
The Chancellor’s Autumn Statement secures funding for Catapults to accelerate research, development and innovation through business support and collaboration.
Innovate UK, the UK Government’s innovation agency, will increase their Catapult funding by 35% totalling £1.6Bn over the next 5 years, signalling a long-term commitment to position the UK as a science superpower and innovation nation.
The Statement saw positive commitment across all R&D. Public spending will increase to £20Bn a year by 2024-25, a rise of a third since 2021-22 and the largest boost in R&D spend ever over a Spending Review period.
Prioritising R&D during a time of uncertainty for the economy, the UK Government recognises the role of innovation in economic stability, growth, and societal impact across the nation.
Matthew Durdy, Chair of the Catapult Network and CEO of Cell and Gene Therapy Catapult said:
The Government’s long-term commitment to Catapults recognises their unique role in accelerating vibrant business innovation, helping to solve national challenges, driving growth and leveraging Government funding to stimulate private investment in new and disruptive growth industries.
Increasing spend in R&D at a time of uncertainty for the economy is a route to future-proofing economic stability, providing the private sector with the confidence to continue to invest in high-growth businesses, which increases jobs, productivity and GVA.
With multi-sector expertise, Catapults can support businesses with specialist skills, world-leading facilities and equipment to boost rapid commercialisation, adoption and scaleup of new technologies, products and services.
Catapults welcome the opportunity to continue to deliver impact at pace alongside Innovate UK.
Indro Mukerjee, CEO of Innovate UK said:
Innovate UK recognises the importance of the Catapults within our system to support new growth and productivity for the UK. They have many talented people, state-of-the-art equipment and some bold ideas.
We worked hard to secure an increased commitment and intend to use that to deliver greater impact and improved efficiency.
Other R&D commitments covered in the Autumn Statement include:
An extension of the Made Smarter Adoption programme to the East Midlands, following inroads made in the North East, West Midlands, North West, Yorkshire & the Humber
Reform of tax reliefs, rebalancing the small and medium-sized enterprises (SME) scheme and the R&D expenditure credit to ensure greater value for money and to decrease error and fraud
Increasing the generosity and availability of the Seed Enterprise Investment Scheme and Company Share Option Plan
Continued support of institutional investment into innovation, allowing UK savers to benefit from the growth of high-potential business
The acceleration of the Digital Markets, Competition and Consumer Bill to provide new powers to the Competition and Markets Authority to promote and tackle anti-competitive practices in digital markets
Read the full Autumn Statement 2022 here and the summary from the Department for Business, Energy and Industrial Strategy (BEIS) here.
About the Catapult Network
Catapults support businesses in transforming great ideas into valuable products and services. We are a network of world-leading technology and innovation centres established by Innovate UK. We deliver impact across the UK economy, enabling businesses to thrive in global markets.
About Innovate UK
Innovate UK, part of UK Research and Innovation, is the UK’s innovation agency. We work to create a better future by inspiring, involving and investing in businesses developing life-changing innovations.
With an annual budget of over £1billion we provide businesses with the expertise, facilities and funding they need to test, demonstrate and evolve their ideas, driving UK productivity and economic growth.