The government considers research and innovation (R&I) and the diffusion of new technologies to be vital to the UK’s future and to achieving its major long‑term and complex policy goals, including its mission to grow the UK economy and achieve net zero. UK Research and Innovation (UKRI) is the UK’s largest single public funder of R&I, with a budget of £9.6 billion in 2023-24. Examples of projects approved by UKRI include funding for very early‑stage research in microbial fuel cells and hydrogen purification; and the development of bone stem cell and biomaterial technology to reduce infection rates and the cost of hip repairs. Government investment in R&I generally aims to support creating, applying and delivering value from new knowledge and ideas. However, there are many unique elements that make assessing and achieving value for money challenging. New ideas will not have any track record of achievement or delivery, outcomes of innovation carry a higher degree of uncertainty, and many projects will potentially lead to different discoveries or may fail altogether.