Recommendation 11

UKRI considered that meeting the target as very challenging but also described it as plausible if it could, for example, maintain the momentum the Fund had generated around private investment. It asserted that having an ambitious target was important “otherwise, one won’t even meet unambitious targets, let along ambitious ones”.30 UKRI acknowledged though that the “hit to the economy” from COVID19 would make prioritising public investment in R&D challenging.31 28 Q 16, C&AG’s Report, footnote 6 29 Q 16 30 Q 17 31 Qq 16–17 12 Industrial Strategy Challenge Fund 2 Distributing funding fairly and efficiently Speeding up approval of challenges and projects