The United Kingdom’s fiscal 2007 budget, announced on March 21, increased resources for scientific research. The budget specified a 2.5% average annual increase in real terms in science spending to £6.287 billion ($12.267 billion) by 2010–11. In 2007–08, UK science spending totals £5.397 billion, including £3.383 billion for the Department for Trade and Industry and £1.655 billion for the Department for Education and Skills’ funding for university research. R&D tax credits also received an increase. Starting in April 2008, the R&D tax credit will rise from 125% to 130% for large companies and will increase from 150% to 175% for small and mid-sized companies. Several measures were also announced to strengthen the Technology Strategy Board (TSB), which will begin operating more independently from the central government in July, including £100 million for collaborative R&D projects involving researchers and businesses. The TSB will also support three new Innovation Platforms, including one focused on health care technologies.

Source: HM Treasury