LONDON UK Research Councils are to pay a higher proportion of the full economic costs of university research grants applied for from September 2005. The Research Councils will pay 80% of the full economic cost of projects, more than the 60% to 70% previously estimated.
The Government's aim is that this will reach 100% by the start of the next decade, taking into account capital funding streams, as announced in the 'Science and Innovation Investment Framework: 2004-2014'.
Science and Innovation Minister, Lord Sainsbury, also announced that Research Councils would pay 100% of the costs of any equipment over 50,000 per grant (with Higher Education Institutions contributing 20% of the costs of the first 50,000).
An extra £120 million per year, to support the move towards FEC, will be distributed to the Research Councils from July 2005, rising to £200 million per year from 2007-08.