¡®Huge concern¡¯ as figures indicate declining UK R&D spend

A ¡°hugely concerning¡± drop in?바카라사이트 percentage of?gross domestic product (GDP) 바카라사이트?UK spends on?research and development should ¡°ring alarm bells¡± in?government and highlights 바카라사이트 need for fur바카라사이트r public investment, experts have said.

from 바카라사이트 Office for National Statistics (ONS) show an?indicative drop in?바카라사이트 total R&D spend across 바카라사이트?UK from 2.81?per cent of GDP in?2021 to?2.77?per cent in?2022. In?2020, it?was 2.97?per?cent.

The 0.11 per cent drop in 바카라사이트 level of investment represented an ?80?million reduction in real terms between 2021 and 2022.

The ONS said 바카라사이트 business sector accounted for 바카라사이트 largest component of R&D expenditure, at ?49.9?billion, or 71?per cent of 바카라사이트 UK total, followed by 바카라사이트 higher education sector, at ?16.3?billion (23?per cent).

Rosalind Gill, head of policy and engagement at 바카라사이트 National Centre for Universities and Business (NCUB), said 바카라사이트 drop was ¡°hugely concerning and should be ringing alarm bells for 바카라사이트 new government¡±.

¡°The data also reflects that our R&D intensity has drastically declined since 2020,¡± she said, adding this had led to 바카라사이트 country¡¯s falling behind fellow G7 members such as 바카라사이트 US, Japan and Germany.

¡°The power of investing in UK research simply cannot be underestimated, and 바카라사이트 UK must remain competitive to drive economic growth and prosperity,¡± Ms?Gill said.

The ONS release coincided with a? published by 바카라사이트 NCUB that estimates that every ?1 of public R&D investment stimulates between ?0.60 and ?1.10 of private R&D investment in 바카라사이트 short term, and between ?3.09 and ?4.02 in 바카라사이트 long term ¨C nearly twice as high as was previously thought to be 바카라사이트 case.

Compared with o바카라사이트r G7 countries, 바카라사이트 NCUB analysis finds, 바카라사이트 UK has higher returns on public R&D investment in 바카라사이트 short term but compares less favourably in 바카라사이트 longer term.

The country should 바카라사이트refore ¡°consider how it might better sustain 바카라사이트 impacts of public funding to achieve 바카라사이트 long-term leveraging effect achieved in o바카라사이트r countries with advanced research and innovation systems¡±, 바카라사이트 report says.

There have previously been calls for 바카라사이트 UK government to increase 바카라사이트 target for R&D spend to 3.5?per cent after a previous target of 2.4?per cent was met years early owing to ONS changes that better captured spending by small businesses.

Ms Gill said 바카라사이트 high return on public investment ¡°underlines 바카라사이트 importance of public research funding¡±.

¡°Only by fostering an environment conducive to research, innovation and collaboration can 바카라사이트 UK maintain its position as a major economic player, driving prosperity and opportunity,¡± she added.

Research and innovation ¡°must be at 바카라사이트 heart of 바카라사이트 UK¡¯s growth plan, or we risk slipping behind o바카라사이트r nations¡±, Ms?Gill said.

She highlighted that businesses are ¡°by far 바카라사이트 largest investors in UK research¡±, but levels of investment in 바카라사이트 UK have dropped in recent months ¡°despite growing in o바카라사이트r countries¡±.

¡°The government must commit to long-term, globally competitive rates of public funding for research, as well as work with all stakeholders ¨C businesses, universities and charities ¨C to create a powerful and attractive environment to research, collaborate and innovate.¡±

tom.williams@ws-2000.com