These actions include setting out a long-term budget to invest 2.4% of GDP on R&D by 2027, extending the post-study work visa to 2 years to attract global talent, and using diversity data to tackle under-representation in the R&D workforce.
The Government has stated its ambition to use research and innovation to transform the UK’s economy and society. To do this it has set a target to increase research and development (R&D) investment in the UK to 2.4% of GDP by 2027 and 3% in the long term. However, this transformation of the UK economy will require ambitious and coordinated Government action, including a significant uplift in public investment in R&D.
The five action points will set the UK well on the way to reaching this ambitious target by increasing public investment, incentivising private investment and investing in people and skills:
- Set a long-term plan and a budget to reach 2.4% by 2027
- Attract Global Talent: Extend post-study work visa to 2 years
- Harness the power of government to deliver the benefits of innovation faster
- Promote the UK overseas: Create a digital shop window for the UK innovation offer
- Increase the pool of available talent: monitor diversity data
Five-Point Plan to Boost Science and Engineering
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