Budget brings extra funding for STEM degrees

Extra funding expected to spur innovation and fund new tech undergraduate places

This year's Budget includes extra funding for universities

Alistair Darling announced one-off funding of £270m through a bursury designed to modernise higher education and create more university places in today’s Budget.

The funding will be made available in 2010-11 and is expected to fund an additional 20,000 undergraduate places in science, technology, engineering and mathematics subjects starting this September.

The launch of the £35m University Enterprise Capital Fund is also intended to support university innovation and spin-out companies. Darling also introduced tax relief for the UK’s video games industry during his speech.

"This will be a Budget to secure the recovery, tackle borrowing and invest in Britain's industrial future," said Darling.

Higher Education is a key priority for growth, according to the chancellor. He highlighted the need to ensure that growth sectors of the future, which include technology, have access to ‘a talent pool with the right skills’.

“We have a highly successful growing [tech and innovation] industry and we need to keep British talent in this country,” the chancellor said.

A guarantee of a job or training for every 18-24 year-old after six months out of work is also to be extended until March 2012.