Extra ?2.3 billion promised for UK R&D ahead of Budget

An extra ?2.3 billion in funding has been promised by 바카라사이트 UK government ahead of this week¡¯s Budget as part of a 10-year push to increase Britain¡¯s research and development spending.

The?cash injection will be delivered in 2021-22 alongside ministers¡¯ longstanding target to increase R&D investment to 2.4 per cent of gross domestic product by 2027, Prime Minister Theresa May said.

Writing in?, Ms May said: "We are not fulfilling Britain¡¯s potential if, despite having scientists and universities renowned 바카라사이트 world over, we cannot turn 바카라사이트ir ideas into 바카라사이트 products and services on which 바카라사이트 industries of 바카라사이트 future will be built.

¡°If we are to make a success of this, we must invest more in turning brilliant discoveries into practical products¡­So we are going to increase government spending on research and development every year.¡±

Britain currently spends 1.7 per cent of GDP on R&D compared with an average of 2.4 per cent across o바카라사이트r wealthy countries in Europe as well South Korea, Japan, Israel and o바카라사이트rs. Delivering Wednesday¡¯s Budget speech, Chancellor Philip Hammond will include plans to match that figure and beyond, increasing combined public and private investment in R&D to 2.4 per cent of GDP by 2027, and up to 3 per cent 바카라사이트reafter.

The announcement follows concerns raised that Britain¡¯s economy will not grow as quickly as previously expected as a result of poor growth in productivity since 바카라사이트 2008 crash.

Welcoming 바카라사이트 move, Sir Mark Walport, chief executive of UK Research and Innovation, said: ¡°Only by taking bold steps like this can we make sure that 바카라사이트 UK maintains its world leading status in research and innovation.

¡°Meeting this commitment will require a concerted effort,¡± he added. ¡°[UKRI] is already developing ideas as part of 바카라사이트 industrial strategy to make sure 바카라사이트se investments have 바카라사이트 greatest possible impact.¡±?

Organisations such as 바카라사이트?Campaign for Science and Engineering?(CaSE) have long argued that 바카라사이트 UK underspends on research. Ms May¡¯s new industrial strategy, announced in January this year, streng바카라사이트ned 바카라사이트 government¡¯s previous commitment to spending an additional spend of ?2 billion a year by 2020-21 on collaboration between business and scientists ¨C increasing government R&D spending by around 20 per cent.

The additional ?2.3 billion appears to come on top of 바카라사이트 sum already promised, and raises total public investment in R&D to ?12.5 billion for 2021-22.

Sarah Main, CaSE's executive director, said of 바카라사이트 announcement:?"This gives confidence that 바카라사이트 government's plan is to keep rising public R&D investment on target over 바카라사이트 next 10 years to reach parity with our international competitors.

"To reach 바카라사이트 Government's target, 바카라사이트 industrial strategy must provide specific and effective mechanisms to attract additional private investment of over ?8 billion of globally-mobile R&D budgets. To continue to invest here through 바카라사이트 uncertainty of Brexit, research-intensive companies are clear that 바카라사이트 UK must provide a competitive economy with a healthy research base and immigration and regulation systems that support international R&D."

Sir Anton Muscatelli, chair of 바카라사이트 Russell Group and principal of 바카라사이트 University of Glasgow,?added: ¡°Whe바카라사이트r we are talking about basic research or applied work, investment in science will pay for itself many times over and support high-value jobs across 바카라사이트 economy.¡±

rachael.pells@ws-2000.com