Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what criteria his Department plans to use for the allocation of the £22 billion of funding for research and development announced in the Queen's Speech 2021.
Many government departments and agencies fund and undertake Research & Development. Decisions on R&D spending beyond 2021-22 will be taken as part of the next Spending Review.
The Government carefully considers its plans to spend public money and how best to ensure value for the taxpayer. Regular spending reviews set budgets across all government departments and provide an opportunity to take a systematic view across all spending.
Further details about the Spending Review will be set out in due course.