Source · Select Committees · Treasury Committee
Recommendation 4
4
It is disappointing that the Government has pushed back its target to spend £22 billion...
Conclusion
It is disappointing that the Government has pushed back its target to spend £22 billion per year on Research and Development by two years from 2024–25 to 2026–
Government Response
Acknowledged
HM Government
Acknowledged
I note the Committee’s conclusions on R&D spending ambitions. The Spending Review settlement announced an increase in public R&D investment to record levels, providing £20 billion across the UK by 2024–25. This settlement delivers significant progress towards the government’s ambitions to increase public R&D spending to £22 billion by 2026–27 and drive economy-wide R&D investment to 2.4% of GDP in 2027, demonstrating our commitment to cementing the UK as a global leader in science and technology.