Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate his Department has made of UK research and development spending for 2016; and if he will make a statement.

Statistics on R&D are collected and published annually by the Office of National Statistics. The latest data available shows that in 2015, expenditure on R&D performed in the UK was £31.6 billion – its highest level on record. This is the equivalent of 1.7% GDP.

Government will spend an additional £2bn per year by 2020-21, around a 20% increase in total annual government R&D spending. In addition to public investment in R&D – each £1 of public expenditure on R&D leverages an average of £1.36 of private investment across the economy – many other factors encourage private sector investment. These include our competitive tax system and business environment – the government also increased the rate of business R&D tax credits, providing £2.45bn of relief to 21,000 business in 2014-15 – and our ongoing commitment to improving the nations skills, including in STEM subjects.

Information on international spending is published regularly by the OECD and the European Commission is available online. The government’s increased spending signals that the UK remains committed to being at the forefront of global science, research and innovation.