"In order to get there, we will reach the target in 2026/2027. Spending by the end of this Parliament ￡20billion a year on R&D.
"That's a cash increase of 50 percent – the fastest increase ever.
"Combined with that the total public investment is increasing from 0.7 percent of GDP to 1.1 percent by the end of Parliament.
"This unprecedented funding will increase core science spending to ￡5.9billion a year by 2024/25.
Mr Sunak said this will, among other things, "meet the association cost of Horizon Europe".
Horizon Europe is the EU's key funding programme for research and innovation with a budget of €95.5 billion (￡80billion).
Mariya Gabriel, the EU's Commissioner for Innovation and Research, blocked Britain from joining the project until it resolves the deepening row over the Northern Ireland Protocol.
Ms Gabriel told ScienceBusiness: "Association is a thematic subject, and I am confident that we are ready to tackle it as soon as possible, but transversal issues need to be tackled first."
She added the UK's membership will only be resolved once the diplomatic crisis is averted, saying: "I think that it is important on our side to confirm our opinion to advance on the association, but only after the framework is agreed by both sides."
It sparked shockwaves through the science community, who fear it could hinder the UK's future success.
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But now, it appears the Government is ready to clear things up with the EU and rejoin the programme.
Mr Sunak later added: "There's more to becoming a science superpower than what the Government spends on R&D.
"Our ambitious net zero strategies is also an innovation strategy.
"We are investing ￡30billion to create new green industries of the future.
"We've just issued our second green bond, making us the third-largest issuer anywhere in the world.
"London was named the best place in the world for green finance."