Future UK government innovation spending: Have your say

The UK government is beginning a consultation process with industry to look at how the UK can best achieve its ambitious target to raise investment in R&D to 2.4% of GDP by 2027.

Parliament’s Science and Technology Committee is currently undertaking an inquiry on the effectiveness of current research and innovation spending and is seeking written evidence by Friday 28 September 2018.

The Committee will examine the balance and effectiveness of all public spending on R&D, including through mechanisms such as R&D tax credits; Innovate UK loans and grants; the Industrial Strategy Challenge Fund; the Small Business Research Initiative (SBRI); measures proposed in the Patient Capital Review; and other initiatives.

The consultation follows the publication in May 2018 of the UK Research & Innovation (UKRI) Strategic Prospectus, which represents “the beginning of the process to develop a detailed Research and Innovation Strategy”. It states that “we will work with Government to develop a plan for meeting this target [to increase the UK’s investment in research and development to 2.4% of GDP by 2027, and in the future to 3%], maximising the impact of public investment in research and innovation, and supporting business and other partners to invest more.” It envisages ongoing work on “what constitutes reasonable balance” of its funding.

It will look at the most appropriate phasing of the increase in R&D spending by UKRI over the next few years, the levers that can be used to increase private sector spend on R&D and what if any changes will be needed in the forthcoming 2019 Spending Review to deliver these targets.

Written evidence can be submitted through the inquiry page at https://bit.ly/2LbuwaD