Research England's policy does not lay out any specific requirements for licensing research outputs. However, it does expect that articles are “…presented in a form that allows anyone with internet access to search electronically within the text, read it and download it without charge.”
A Creative Commons Attribution, Non-Commercial, No Derivatives licence (CC-BY-NC-ND) would meet this requirement. This is the most restrictive Creative Commons license. Authors should be mindful that their funder may mandate a more open licence.