The savings represent 3.9% of the department’s total budget.
They are part of the wider £6 billion in savings across Government, as outlined by the Treasury.
BIS is protecting spending on Research, Innovation, Business and Enterprise and student numbers in Higher Education, which will see an increase of 10,000 places
Instead, the savings will be delivered by through specific efficiencies, such as RDA funding and programmes like SBRI and the SME Adjudicator, and refocusing Train to Gain funding into new apprenticeships and investment in FE.
To reach its £836 million of in year savings Ministers have agreed the following savings:
- £100 million in efficiency savings across the department and its partner organisations
- £233 million UK Centre for Medical Research and Innovation (UKCMRI) project for a new biomedical research facility to be located in Central London – the investment will now not be brought forward this year but spread over six years
- £ 74 million will be cut from the Regional Development Agencies – the total cut is £270 million shared between CLG, DECC, DEFRA and BIS
- £200 million in efficiencies from the Higher Education budget
- £200 million by refocusing the Train to Gain budget on apprenticeships and college buildings
- £18 million by stopping low priority projects like the Semantic web and the SME Adjudicator
- £11 million from the UK vocational reform budget.