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

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has had recent discussions with the Chancellor of the Exchequer on the Government’s target for investment in research and development to be 2.4 per cent of GDP by the 2026-27 financial year.

My Rt Hon Friend the Secretary of State has regular discussions with Ministerial colleagues on a number of issues.

Government remains committed to increasing the UK’s R&D intensity; hitting or exceeding the 2.4% target. Increased public research and development (R&D) spending, alongside other measures put forward in the Innovation Strategy, will contribute to growth in private sector investment in R&D by creating the conditions for all businesses to innovate and giving them the confidence to do so. This will support the Government’s aim of raising economic growth by boosting productivity and thus improving living standards across the country.