Slow creep back to the EU: UK rejoins European Horizon Project

However, a result of Brexit, the UK's access to the scheme has been negotiated at a cheaper rate - meaning Britons can benefit from the scheme without the hefty pre-Brexit price tag.

Sunak said it will unlock "unparalleled research opportunities" while also being "the right deal for British taxpayers."

From today, British scientists can apply for grants from the £85bn scheme, something which was put on hold after the UK left the EU.

The deal was signed off last night in a call between Sunak and European Commission President Ursula Von der Leyen.

The UK Government said the new deal has been struck on the basis of "improved financial terms", which will increase "the benefits to UK scientists, value for money for the UK taxpayer, and mitigating the impact that the EU’s delays to our association will have on participation rates of researchers".

The announcement will be welcomed by the UK science community, which was previously a key recipient of the funds.

The UK will also associate to Copernicus, the European Earth Observation programme, Downing Street said in a statement.

This will provide the UK’s earth observation sector with access to unique data – valuable to helping with early flood and fire warnings, for example – and with the ability to bid for contracts, which they haven’t been able to access for three years.

Downing Street said the deal will "ccreate and support thousands of new jobs as part of the next generation of research talent".

It added: "It will help deliver the Prime Minister’s ambition to grow the economy and cement the UK as a science and technology superpower by 2030."

In a statement, Sunak said: "Innovation has long been the foundation for prosperity in the UK, from the breakthroughs improving healthcare to the technological advances growing our economy.

"With a wealth of expertise and experience to bring to the global stage, we have delivered a deal that enables UK scientists to confidently take part in the world’s largest research collaboration programme – Horizon Europe.

"We have worked with our EU partners to make sure that this is right deal for the UK, unlocking unparalleled research opportunities, and also the right deal for British taxpayers."

Secretary of State for Science and Technology, Michelle Donelan, said the deal will "open up a world of opportunity" for the science community.

She said: "Today is a fantastic day for UK science and our whole economy.

"We have listened to the sector, and through hard work and negotiation we have secured an excellent deal for researchers, taxpayers and businesses.

"The Horizon programme is unrivalled in its scope and opens up a world of opportunity for cooperation on science that delivers real-world benefits for the UK - creating jobs, boosting our economy and opening up collaboration for the sector with some of our closest partners, whether on tackling climate change or advancing cancer research.

"This deal is a crucial step forward on our mission to become a science and tech superpower by 2030."