Question to the Department for Science, Innovation & Technology:

To ask the Secretary of State for Science, Innovation and Technology, what assessment he has made of the adequacy of the rate of return to public investment in UK R&D.

Public R&D generates significant benefits for the UK, with each pound of public R&D investment estimated to leverage, on average, £2 of private R&D investment in the long run. We know businesses grow faster because of public R&D. In the 6 years after receiving their first R&D grant funding, employment increases in the average business by 21% and turnover grows by 23%.

The measurable returns of R&D projects will vary, depending on the specific area of research. Returns for closer-to-market research are generally less challenging to quantify than those for fundamental, curiosity-driven research. To ensure that public R&D investments continue to have high impact all new significant DSIT investments are assessed for their value for money and the Department evaluates programmes’ impact.