Universities to benefit from £100m research boost

The Chancellor of the Exchequer has announced that universities will receive £100million in his Budget speech in Parliament today. The money is intended boost to facilities, spur on new research and forge closer links between academia and industry.

As he unveiled the funding George Osborne said the government hopes it will allow universities to “leverage” another £200 million from the private sector and charities to support long-term research partnerships.

Details of how the money will be allocated will be decided at a later date

Professor Eric Thomas, president of Universities UK and vice-chancellor of the University of Bristol welcomed the announcement. He described the investment as "extremely good news for students, universities and business".

"The links between universities and business are already strong but this will kick-start new research projects, encourage innovation and bind universities and industry even closer together,” Prof. Thomas said.

"Universities play a vital role in developing the UK's economy and this is just the kind of confidence-boosting project that our economy needs at this time."

Universities and science minister David Willetts said: "Industry and universities have a vital role to play in collaborating to achieve sustained growth in our economy. We know from experience that targeted funding can be successful in attracting significant business investment to our university research base."