The targeted R&D spending will look at projects which address national and societal priorities, including clean energy, health resilience and national security.

There will be a further £7bn dedicated to supporting innovative company growth, helping UK businesses scale and commercialising new technologies.

UKRI said that £14bn would be earmarked for curiosity-driven research.

The rest of the £38.6bn settlement will be used for foundational investments that cut across these three areas, including in skills and infrastructure.

The announcement comes weeks after the government set out its expectations for R&D spending in the UK, alongside the £38.6bn settlement.

Ian Chapman, chief executive at UKRI, said: “Over the next four years, we will scale research and innovation investment to almost £10bn per year and target world-leading areas with the strongest return for the UK.”

Science and technology secretary Liz Kendall added: “There is no route to stronger growth without science, technology and innovation, so we must grasp the opportunities our world class researchers and innovators offer with both hands.

“By doing fewer things better and backing winning ideas, this round of record UKRI funding can help more promising UK businesses to scale up while homing in on projects which have the best chance of benefiting us all.”