Research: Finance

(asked on 24th May 2021) - View Source

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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure that investment in research is linked to economic growth.


Answered by
Amanda Solloway Portrait
Amanda Solloway
Government Whip, Lord Commissioner of HM Treasury
This question was answered on 1st June 2021

The Government is investing £14.9 billion in research and development in 2021/22. This puts UK Government Research & Development (R&D) spending at its highest level in four decades. We are continuing to take forward commitments from last year’s R&D Roadmap, which set out our vision to ensure the UK is the best place in the world for scientists, researchers and entrepreneurs to live and work, while helping to power the UK’s economic and social recovery and level up the UK. The R&D Places Strategy, due to be published later this year, will ensure that R&D benefits the economy and society in nations, regions and local areas across the UK contributing to the Government’s wider levelling-up ambitions.

As announced in the Plan for Growth at Budget 2021, we will also publish a new Innovation Strategy in the Summer. Building on the R&D Roadmap, the strategy will identify how we can enhance innovation even further working closely with business.

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