Research: Finance

(asked on 8th September 2022) - 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 steps his Department is taking to increase research and development spending.


Answered by
Nusrat Ghani Portrait
Nusrat Ghani
Minister of State (Minister for Europe)
This question was answered on 22nd September 2022

At the Spending Review 2021 (SR21), the Government committed to its largest ever sustained uplift in research and development (R&D) funding, including the Department for Business, Energy and Industrial Strategy’s (BEIS) largest ever R&D budget.

BEIS, in recent months, has published how our R&D settlement at SR21 will be allocated over the next three years.

Alongside this, increasing private R&D investment will be critical to reaching economy-wide R&D investment of 2.4% of GDP by 2027. In July 2021, we published the Innovation Strategy, which aims to boost private sector R&D investment across the whole of the UK by creating the conditions for all businesses to innovate and giving them the confidence to do so

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