Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has had recent discussions with the Chancellor of the Exchequer on the Government’s commitment to increasing investment in UK Research and Development to 2.4 per cent of GDP by 2026-27.

The Government remains committed to the 2.4% target. The public research and development (R&D) spending commitments delivered at Spending Review 2021 will contribute to driving increases in private sector investment in R&D. This will support the Government’s aim of raising economic growth by boosting productivity and thus raising living standards across the country.

My Hon. Friend the Economic Secretary to the Treasury has confirmed that Government will abide by SR21 R&D allocations, including for Core Innovation. This will support delivery of the Innovation Strategy’s ambition to boost private sector investment in UK R&D by creating the conditions for all businesses to innovate and giving them the confidence to do so.