The Government is to safeguard funding to maintain the UK’s status as a world leader in science, research and innovation.

This news follows an announcement by the Treasury reassuring UK participants in the European Union’s Horizon 2020 Programme that it will safeguard funding for research and innovation projects.

As a result, UK businesses and universities will have certainty over future funding and should continue to bid for competitive EU funds while the UK remains a member of the EU.

The Treasury will underwrite the payment of such awards, even when specific projects continue beyond the UK’s departure from the EU.

Science Minister Jo Johnson (pictured) said: “The Government’s commitment to our world-leading science and research base remains steadfast. By underwriting the Horizon 2020 grants, we are standing squarely behind our researchers and scientists as they continue working with their European partners to develop new technologies, discover life-saving medicines and pioneer innovations that will benefit all hard-working Britons.

“For centuries, Britain has been at the forefront of world-leading science, and as a truly global knowledge economy, it’s more important than ever that we support the brightest and best researchers and innovators.

“We’ve protected the UK science budget until the end of the decade, and we are strengthening the Higher Education system and our support for innovation.”

Horizon 2020 is the EU’s flagship research and innovation programme aimed at securing Europe’s global competitiveness. With a budget of almost 80 billion euros between 2014 and 2020, the programme awards funding to the most innovative research ideas, to help bring them to market quicker and create jobs. The UK has secured 15.5% of Horizon 2020 funding to date.