In its fiscal budget released this month, the UK announced the creation of a $1.1 billion Strategic Investment Fund. The Fund is designed to support exports, R&D and investment in the UK. The Technology Strategy Board will receive $72 million from the Fund to invest in potential high-growth fields, such as life sciences and low carbon technologies. Separately, low carbon technologies will receive another $362 million in funding. UK Trade & Investment, a government agency that assists UK companies in doing business internationally, will receive $14 million. Despite this new funding, the government’s budget provides no increases for basic research. In fact, $154 million initially designated for the country’s public research councils will be reallocated.

Source: The Scientist