Source · Select Committees · Public Accounts Committee
Recommendation 13
13
Not Addressed
Long-term trends of private sector investment in UK R&I remain unavailable due to data limitations.
Conclusion
DSIT and UKRI advised us that private sector investment in UK R&I was £46.7 billion in 2024.27 We asked whether private investment in UK R&I has gone up or down in recent years. DSIT advised that it is going up, but that due to a correction to the ONS data set, the data is only available for a small number of years and a long-term view cannot be provided.28 21 C&AG’s Report, para 11 22 C&AG’s Report, para 1.18 23 Q 66 24 Q 67 25 C&AG’s Report, para 3.8 26 Q 71 27 Q 46 28 Q 48 11
Government Response Summary
The government states it is developing and will publish strategic objectives and key results for UKRI by Autumn 2025 to monitor its delivery against government priorities. However, this response does not address the committee's observation about the lack of long-term private sector R&I investment data.
Government Response
Not Addressed
HM Government
Not Addressed
2.1 The government agrees with the Committee’s recommendation. Target implementation date: Autumn 2025 2.2 DSIT is developing strategic objectives for UKRI in order to monitor its delivery against government priorities, including the five missions and the Industrial Strategy. The strategic objectives will be underpinned by a set of measurable key results. DSIT will publish the strategic objectives and key results by Autumn 2025. 2.3 As set out in the Industrial Strategy, the new strategic objectives will set out UKRI’s role in enabling innovation, commercialisation, and scale-up across the UK. The strategic objectives will also detail UKRI’s critical role in protecting curiosity-driven research.