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<p>Innovation is at the heart of the UK’s strategy to boost productivity and international
competitiveness. Cutting-edge businesses require access to growth capital and funding
for high-risk, high-reward innovation activities available to businesses across all
economic sectors, value chains and UK regions. Since 2004, Innovate UK has offered
over £158 million in grants for R&D to businesses in Northern Ireland.</p><p>
</p><p>Spending Review 2021 secures increased funding for core Innovate UK programmes,
reaching c.£1 billion per year by 2024/25 (over £300 million more than in 2021/22)
to ensure it can support business in bringing innovations to market and drive economic
growth. The money will be used to help boost private sector investment across the
whole of the UK, creating the right conditions for all businesses to innovate and
giving them the confidence to do so.</p><p> </p><p>Following the Spending Review,
BEIS will set R&D budgets through to 2024/25. Further details of how this funding
will be allocated will be announced in due course.</p>
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