(7 years, 5 months ago)
Commons ChamberT8. Our emerging technology and universities sectors welcomed our manifesto commitment to increase R and D spending from 1.7% to 2.4% of GDP, but it was not in the Queen’s Speech, so what has happened to that commitment?
Fear not, Mr Speaker, legislation is not required to deliver on that commitment. It remains a priority for the Government and for the delivery of our industrial strategy. We want to get to 2.4% of GDP for our R and D spend, and we have a longer-term ambition of 3% after that.