CaSE has published a one page briefing setting out the scale of public and private funding needed to reach the Government's target of 2.4% of GDP on R&D by 2027 and 3% in the long-term
R&D INVESTMENT BRIEFING
To reach the target of spending 2.4% of GDP on R&D by 2027 and 3% in the long-term, substantial increases will be needed to public and private investment. The upcoming Spending Review settlement will be pivotal in determining whether the UK will become a more R&D intensive economy and reap the benefits it would bring.
MODELLING R&D INVESTMENT REACHING 3% OF GDP
The public investment baseline remains flat beyond 2021/22, while the private investment baselines increase with GDP growth, reflecting recent UK trends. Increases are based on a leverage ratio of 1:1.36. Total R&D investment will need to be £62.4bn in 2027/28 to reach 2.4% of GDP.
We are calling on the government to
Set out the long-term budget for the public portion of investment up to 2027 in line with the ambition for R&D investment to reach 2.4% of GDP. Create a vision for what reaching the 2.4% target will achieve and a roadmap for delivery with Cabinet level buy-in and accountability across Government