To ask Mr Chancellor of the Exchequer, what progress has been made on investing three per cent of gross domestic product in research and development.
Answered on
11 December 2017
The Government is committed to increase total public and private R&D investment to 2.4%GDP by 2027 with an ultimate goal of 3%GDP in the long-term. This ambition was underlined by the additional £2.3bn of R&D funding announced at Budget, on top of a record £4.7bn increase in R&D announced at the Autumn Statement 2016, and takes total R&D spend in 2021-22 to £12.5bn – the largest increase in 40 years.
Answered by
Treasury