Research: Finance

(asked on 11th March 2019) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent progress his Department has made on ensuring that the UK meets its target of spending 2.4 per cent of GDP on R&D by 2027.


Answered by
Chris Skidmore Portrait
Chris Skidmore
This question was answered on 27th March 2019

Through our modern Industrial Strategy we have committed to the highest R&D increase on record. We have announced increases in public R&D spending worth £7bn up to 2021/2022, and we are working with UK Research and Innovation and other key partners to develop a roadmap that sets out how government and industry will work together to reach our target of increasing R&D investment to 2.4% of GDP by 2027, which would be the highest recorded level, and 3% in the longer-term. The roadmap will be published following the Spending Review, which my rt. hon. Friend Mr Chancellor of the Exchequer has announced will conclude this Autumn.

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