Research: Exchange Rates

(asked on 21st September 2022) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the fall in the value of Sterling on the ability of public investment in Research and Development to leverage private international investment.


Answered by
Chris Philp Portrait
Chris Philp
Minister of State (Home Office)
This question was answered on 11th October 2022

Stimulating private sector investment in Research and Development (R&D) is an important part of the Government’s strategy for economy-wide investment in R&D to reach 2.4% of GDP by 2027. This will also support the Government’s goal to increase economic growth. This is why at SR21, as part of increasing public sector R&D to a record £20bn in 2024/25 and to help leverage in greater private sector R&D investment, the Government committed to a significant uplift for business innovation, with Innovate UK’s core annual budget rising from £667m in 2021/22 to £970m by 2024/25. The Government also allocated £150m over the SR period to innovation loans, providing flexible and patient capital to support business growth through innovation. In addition, Spending Review 2021 announced the new Global Britain Investment Fund, which is supporting private investment in the UK’s innovative life sciences, offshore wind and automotive manufacturing sectors.

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