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<p>Statistics on R&D are collected and published annually by the Office of National
Statistics. The latest data available shows that in 2015, expenditure on R&D performed
in the UK was £31.6 billion – its highest level on record. This is the equivalent
of 1.7% GDP.</p><p>Government will spend an additional £2bn per year by 2020-21, around
a 20% increase in total annual government R&D spending. In addition to public
investment in R&D – each £1 of public expenditure on R&D leverages an average
of £1.36 of private investment across the economy – many other factors encourage private
sector investment. These include our competitive tax system and business environment
– the government also increased the rate of business R&D tax credits, providing
£2.45bn of relief to 21,000 business in 2014-15 – and our ongoing commitment to improving
the nations skills, including in STEM subjects.</p><p>Information on international
spending is published regularly by the OECD and the European Commission is available
online. The government’s increased spending signals that the UK remains committed
to being at the forefront of global science, research and innovation.</p>
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