BIS' budget to shrink by 17%, science spending ‘protected’

The Department for Business, Industry and Skills (BIS) will see its budget reduced by 17% following the Chancellor’s Autumn Statement. Currently set at £16.6bn, BIS will see its annual funding reduced to £13.2bn in 2019-2020. Spending on capital investments will be more than halved, dropping from today’s £3.8bn to £1.7bn in 2019-2020.

Industry secretary Sajid Javid, pictured, said: “In the next five years, we will create even more opportunities for businesses to grow. By increasing productivity and competitiveness, we will make Britain the best place in Europe to do business, create a stronger, more resilient economy and provide greater security for working people.”

According to the Autumn Statement, science funding of £4.7bn will be protected in real terms over the Parliament and will include a new £1.5bn Global Challenges Fund. The Government has also committed to funding aerospace and automotive technologies for 10 years with more than £1bn of additional funding for innovation.

Javid added: “By increasing the science budget, the UK will remain a world leader in research and innovation, backed up by the right investment in our aerospace and automotive industries.”