Question to the Department for Science, Innovation & Technology:

To ask His Majesty's Government what steps they are taking to increase levels of investment into scientific innovation as a proportion of GDP in comparison to other European countries.

The latest ONS figures show that economy wide R&D investment is c.2.8% of GDP, which places the UK above the OECD average (2.7%). The government is backing innovators across the UK with a record £20.4 billion in R&D spending. The UK is also a leader when it comes to attracting international investment in R&D. We are also taking steps to back high-growth firms developing new innovations, including through reforming the British Business Bank and pursuing pensions reforms to unlock £80 billion of investment. The government also has generous R&D tax relief rates, which will support an estimated £56 billion of business R&D expenditure a year by 2029-30.