The seven UK Research Councils were recently allocated their budgets for the 2011-2015 comprehensive spending review period by the department of Business, Innovation and Skills (BIS). In response to this, they have published their 2011-2015 Delivery Plans, outlining in broad terms how they will spend this budget.

With regards to EPSRC, the summary of the changes and the main document can be found here:
http://www.epsrc.ac.uk/newsevents/news/2010/Pages/deliveryplanfor20112015.aspx