Rishi Sunak has pledged to make the UK a science and technology “superpower”.
The former chancellor promised to speed up the research grant process if he becomes prime minister.
And he has set a target to increase the amount of laboratory space available in the country.
Sunak is competing with Liz Truss to become the next Conservative Party Leader.
One of them will replace Boris Johnson in Downing Street from the start of September.
Speaking ahead of the Conservative leadership hustings in Birmingham, Sunak set out the steps he would seek to take in order to boost the science and technology sector in the UK.
The proposals include a pledge to increase annual spending on public R&D investment to £20bn by 2024/25.
A cross-government taskforce-style approach would also be adopted towards science and technology.
“From Alan Turing to the Covid-19 vaccine, the United Kingdom has a proud history of innovation and I want to support our great scientists and innovators to do more,” said Sunak.
“We need to build a 21st century economy that is fit for the future and science and innovation is pivotal to achieving that.
“That is why, as Chancellor, I invested £1.4bn in the Global Britain Investment Fund, to support investment in life sciences, offshore wind and automotive manufacturing.”
Sunak claimed that his plans would secure the status of the UK as a science and technology superpower.
“Science and innovation will be at the heart of my government,” Sunak continued.
“I will turbocharge clinical innovation to enhance our medicines research regime, deliver better access to funding and lab space, and ensure that we have access to the very best talent available.
“My plan will secure our status as a science and technology superpower, providing opportunity and spreading prosperity in every part of our United Kingdom.”