The EU Commission is proposing €80 billion in funding for research and innovation over seven years. The programme – to be known as “Horizon 2020” will make it easier to seek funding, easier to bring good ideas to market, and easier for Europe to invest in innovation for the future.

Neelie Kroes, EC vice president for the Digital Agenda, outlined details of the £63bn project, entitled ‘Horizon 2020', in a blog.

Neelie said: "Improving Europe’s investment in R&D – through better funding, and better coordination – is right at the heart of the Digital Agenda for Europe. The ICT sector, just under 5% of GDP, contributes an amazing 25% of business research and development spending. So it’s no wonder that ICT is the most important thematic area of funding of the Horizon 2020 proposal, as it is in the current FP7 programme.

"There’s funding for ICT-specific developments like e-infrastructures for science, and key enabling technologies (KETs) such as micro-/nanoelectronics and photonics in order to build on Europe’s strengths and fight for future industrial leadership. And support for a new instrument first put forward in the ICT area: Flagship projects in Future and Emerging Technologies (FET): long-term support for large-scale transformative projects (up to 1bn over 10 years per flagship)."