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Investment: Regional Planning and Development

Question for Department for Business, Energy and Industrial Strategy

UIN 135480, tabled on 7 March 2022

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to statement on page 170 of the Levelling Up White Paper that the additional Government investment will seek to leverage twice as much private sector investment over the long term, what baseline figure for leveraging private sector investment was used for that commitment; and what time period is meant by over the long term.

Answered on

10 March 2022

In setting the R&D mission, BEIS referred to published research on leverage, which found that we expect public R&D to leverage at least £2 of private R&D funding for every £1 of public R&D expenditure over the long term. This is based on a 2020 study published by BEIS and conducted by Oxford Economics, which estimates that each £1 of public R&D investment eventually stimulates between £1.96 and £2.34 of private R&D investment, the study found that almost all leverage is realised within 15 years.

BEIS is working with DLUHC and other government departments on measuring and reporting on missions in the Levelling Up White Paper and further detail will be made available in due course.

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