Science and innovation bodies are calling for as much as £2bn in additional funding in the Budget, to address a dearth of investment for high-tech start-ups and head off a potential brain drain of scientific talent to the US.

Up to £1bn of new money would be channelled through Britain’s seven research councils to support research and postgraduate training in universities – and discourage leading scientists from moving to the US, where President Barack Obama has proposed a huge increase in science spending.