Source · Select Committees · Treasury Committee
Recommendation 13
13
Accepted
The target to spend 2.4 per cent of GDP on research and development (R&D) is...
Conclusion
The target to spend 2.4 per cent of GDP on research and development (R&D) is an important aspect of growth policy. We re-iterate our disappointment over the pushing-back of the target to spend £22 billion of public money on R&D and continue to warn against any further slippage. (Paragraph 105) Jobs after Coronavirus
Government response summary AI-generated
Government spending on R&D will increase to £20 billion a year by 2024–25, a cash increase of around a third compared to 2021–22.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Accepted
HM Government · verbatim extract
Accepted
Science and innovation are some of the UK’s greatest strengths and the government has bought forward measures to enable our innovative firms to invest. Government spending on R&D plays a crucial role in further stimulating private sector investment. Public spending on R&D will increase to £20 billion a year by 2024–25, a cash increase of around a third compared to 2021–22. This is the largest increase in R&D spend ever over a Spending Review period.
Read the full response on Parliament ↗