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

To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 23 July (HL17210), whether they intend that two thirds of the investment in research and development, intended to reach 2.4 per cent of GDP by 2027, should come from private sources as announced by Chris Skidmore MP on 10 July.

Reaching the 2.4% ambition will require concerted effort both for government and for business. Since 2010, businesses and overseas investors have been responsible for an average of two thirds of gross investment in R&D. The Department is working with UKRI and other key partners to stimulate private investment in R&D, harness the latest trends in innovation and make the UK a great place to grow an innovative business.