The 2014-20 programme – known as Horizon 2020 – would bring all of the EU’s research and innovation funding programmes under a single umbrella. The proposals earmark funding for three key objectives:

i. €24.6 billion to keep Europe a world leader in science. The European Research Council, which funds fundamental research by some of Europe’s most outstanding scientists, will see a 77% budget increase.

ii. €17.9 billion to secure European industry's leadership in innovation. This includes investment in key technologies as well as help for small businesses needing access to finance.

iii. €31.7 billion to address popular concerns in areas such as:

food security, sustainable agriculture, marine and maritime research and the bio-economy

iv. secure, clean and efficient energy

v. climate action, resource efficiency and raw materials

To cut red tape, the Commission plans to simplify reimbursement procedures for EU-funded research projects, reduce the paperwork involved in preparing a research proposal, abolish unnecessary checks and audits, and shorten the time between acceptance of a research proposal and receipt of the grant.

Many key elements from the current programme will continue, such as investment in key enabling technologies like nanotechnologies; initiatives to bring together academia, research centres and business; international collaboration, and funding for young researchers.

The plans will be discussed by ministers and MEPs with a view to agreement before the end of 2013.