CaSE has published a one page briefing setting out the scale of public and private investment needed to reach the Government's target of total R&D spending reaching 2.4% of GDP on R&D by 2027 and 3% in the long-term.
Our research indicates that total R&D investment will need to be £62.4 billion in 2027/28 to reach the target. This is a joint public-private spending target, but it will not be achieved without substantial public investment - an additional £10 billion a year by 2027/28. You can read the briefing here.
Commenting on this projection, CaSE Executive Director Dr Sarah Main said:
"The Government’s target to invest 2.4% of GDP in R&D by 2027 and 3% in the long term is a welcome ambition. We commend the Government for setting out a long-term ambition for increasing investment in science and innovation so that the UK can work towards meeting the economic, health, security and environmental challenges facing society.
However, the Government has yet to clearly articulate an accompanying vision and purpose. As our projection shows, sustained effort and investment will be needed right across Government. The upcoming Spending Review settlement will be pivotal in determining the Government's willingness to ensure the UK becomes a more R&D intensive economy and reaps the benefits it would bring. We call on the Government to set out a long-term budget for the public portion of investment up to 2027 to reach 2.4% of GDP and to develop a roadmap for delivering this target with support and accountability from across government.
This will not only provide much needed stability and send a strong signal to industry that the UK means business on R&D, but would also enable public funding to be spent well, reaping the benefits across the UK."
You can also read CaSE's evidence to the House of Commons Science and Technology Committee inquiry into the balance and effectiveness of research and innovation spending, and all our most recent work on investment.