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
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.
Government Response
Accepted
HM Government
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.