Source · Select Committees · Treasury Committee
Recommendation 27
27
Paragraph: 23
However, the new commitment would still represent a significant increase and bring public UK Research...
Recommendation
However, the new commitment would still represent a significant increase and bring public UK Research and Development spending above the OECD average, and above Germany, France and the US. While the target for R&D spending remains historically high, there is a risk that at future fiscal events—as was the case with this Budget—the Chancellor will again opt to make savings by delaying the increases in R&D spending. Cutting or delaying R&D spending may be a false economy, given the hopes the Government has for stimulating economic growth through its R&D spending. R&D spending is important and the Government should pursue this target with considerable determination.
Paragraph Reference:
23
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.