The government has announced it will stump up £500m for 4,700 post-graduate engineering and science university places in a bid to drive long-term economic growth.
Science and technology secretary Peter Kyle made the announcement today, with universities and industry set to reap the benefits.
The scheme will fund 4,700 new places, equating to around £106,000 per spot.
In the announcement, the government said its aim is to back the next generations of researchers, and to support scientific discovery – which will drive economic growth.
Keir Starmer and Rachel Reeves have made economic growth a cornerstone of their approach in office, with a massive borrowing bill in the Budget last month.
Included in the Budget, the government committed to £300m for further education, but one top university boss said there was “thin gruel” for higher education.
The government announced it would raise tuition fees, with the Institute for Fiscal Studies predicting the lifting of the freeze on tuition fees will bring in £390m.
This comes after Britain rejoined the European Union’s science research scheme, Horizon, at the start of the year. It also signed a research deal with Germany, back in March.
How will students benefit from the scheme?
As part of the newly-announced scheme, students will study cutting-edge science at universities across Britain as part of a skills drive, in a bid to unearth new discoveries, and harbour expertise.
The Doctoral Landscape and Doctoral Focal Awards, provided by UKRI (UK Research and Innovation) and announced on National Engineering Day, will allow students to cover biological, engineering and physical, and natural and environmental sciences, with cash available for universities.
It will support universities also, by helping to “commercialise discoveries” which will bring in millions of pounds for institutions, and help get ambitious projects off the ground.
The government said similar schemes have in the past led to major scientific breakthroughs, including which make crops grow faster and help reduce the harm of air pollution.
Science and Technology Secretary, Peter Kyle, said: “Backing the next generation of great scientific minds to fulfil their potential is crucial to unlocking the discoveries which improve our lives and keep our economy growing over the long term through highly skilled jobs.
“This £500m investment will support our vitally important higher education sector while supporting more bright students to pursue their talents and in turn deliver the life-saving drugs and clean energy alternatives of the future, that benefit all of our lives.”
Education secretary, Bridget Phillipson, said: “Our universities are vital engines of growth, and this government is backing them to cement this status by building a pipeline of skills that will drive the country’s economic recovery.
UKRI chief executive, professor Dame Ottoline Leyser, welcomed the funding, saying: “UKRI’s investments in doctoral training are pivotal for the UK’s research and innovation endeavour.
“The awards provide funding for Universities across the UK to nurture a cadre of creative, talented people to develop their skills and knowledge, to build partnerships and networks, and to pursue the discoveries that will transform tomorrow, with diverse benefits for society and economic growth.”
Dr John Lazar, president of the Royal Academy of Engineering, also backed the announcement, saying “UK engineering research has a strong global reputation and today’s support from the government is an investment in our future economy.
“Research advances in engineering and science provide the foundation for new products and services that generate jobs and benefit society. Engineering traverses the modern economy and engineers are involved in almost every economic sector, including many ‘non-engineering’ industries like financial services and the media.”