UK announces its biggest ever £80 billion boost in R&D
"As part of the Industrial Strategy’s aim to improve productivity and create better and higher-paying jobs across the UK, the government will:
- Work with industry to boost spending on R&D to 2.4 per cent of GDP by 2027, which could increase public and private R&D investment by as much as £80 billion over the next 10 years. We will start by making an extra investment of £2.3 billion in 2021/22, raising total public investment in R&D to £12.5 billion that year alone.
- Launch a £1.7 billion Transforming Cities Fund that will improve transport links and promote local growth within city regions, placing cities at the heart of our industrial strategy. This includes £250 million for better transport in the West Midlands, the government said.
This investment will see public R&D spending increase as a share of GDP for each of the next five years and bring investment to levels last seen in the 1980s. It builds on the commitment made last year to raise R&D spending from £9bn in 2015/16 to £12bn in 2020/21. ■