BEIS surrenders £1.6 Billion Horizon Europe funding to the Treasury

Today the Department of Business, Energy and Industrial Strategy has announced it is returning £1.6 billion to the Treasury. The money is described as ‘unused funding for Horizon and Euratom participation fees’.

In response, Adrian Smith, President of the Royal Society said:

“The failure of all sides to secure the UK’s association to the EU’s research programmes has now cost UK science £1.6 Billion. That comes on top of the talented researchers who have left the UK in order to carry on their collaborative work. How does this sit with the Government’s stated mission to have the UK as a science superpower?

“The Treasury must now ensure that this money is reinvested in research in the coming years.”