To ask the Secretary of State for Business, Energy and Industrial Strategy, what effect the 2020 Spending Review will have on the proportion of GDP spent on research and development.
8 December 2020
The Government has set out plans at Spending Review to cement the UK’s status as a global leader in science and innovation by investing £14.6 billion in R&D in 2021/22. This investment supports our commitments set out in the R&D Roadmap and helps consolidate our position as a science superpower as we build towards UK R&D investment of 2.4% of GDP by 2027.
Leveraging investment from the private sector that we will reach the target. By increasing public investment in R&D, we will attract further private sector investment. On average, £1 of public investment in R&D eventually leverages around £2 of additional private sector investment.
The UK already has world-class science and research and is ranked as one of the most innovative countries in the world, investing 1.7% of GDP in 2018. The first figures reflecting the proportion of GDP invested in R&D in 2020 are expected to be released in Spring 2022.