The Royal Academy of Engineering welcomes today's announcement by the Department for Business, Innovation and Skills (BIS) of the financial settlement 2015/16 for science.

Commenting on BIS' announcement, Sir John Parker GBE FREng, President of the Royal Academy of Engineering, said:

"I welcome today's announcement on the science settlement for 2015/16 and applaud government for continuing to back science and engineering in these tough economic times. It makes sense to do so as engineering is central to economic growth and to the innovation and enterprise that results in new products and services and increased national wealth and employment.

"In order to achieve economic success from this investment, we need to leverage off our research strengths and up our game in supporting key technologies on their journey from the lab to the marketplace. Government can help this transition by creating a business investment-friendly environment that gives companies - and their supply chains - the confidence and incentives to invest in creating world leading products and services. Given the scale of our international competition, we cannot afford to rest on our laurels."

Notes for editors

  1. The Science and research budget allocations for financial year 15/16 can be accessed on the website:
    Science and research budget allocations for financial year 15/16
  1. The UK national academies published a joint statement on the importance of research to the economy in April 2013:
    Fuelling prosperity: Research and innovation as drivers of UK growth and competitiveness (420.16 KB)
  2. Royal Academy of Engineering. As the UK's national academy for engineering, we bring together the most successful and talented engineers for a shared purpose: to advance and promote excellence in engineering. We provide analysis and policy support to promote the UK's role as a great place to do business. We take a lead on engineering education and we invest in the UK's world-class research base to underpin innovation. We work to improve public awareness and understanding of engineering. We are a national academy with a global outlook. We have four strategic challenges: Drive faster and more balanced economic growth; foster better education and skills; lead the profession; promote engineering at the heart of society.

For more information please contact:

Giorgio De Faveri at the Royal Academy of Engineering 
Tel: 020 7766 0655
Email:  Giorgio De Faveri

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