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<p>There is clear and robust evidence of a link between research and development (R&D)
spending and national productivity. Research indicates that every £1 the UK government
invests in R&D generates a return of 20p per annum in perpetuity<sup><sup>[1]</sup></sup>.
In addition that £1 of public expenditure leverages an average of £1.36 in private
investment<sup><sup>[2]</sup></sup>, generating even greater returns for the UK.</p><p>This
Government recognises the value of science and innovation as a driver of UK economic
success. That is why we are protecting the science ring-fence in real terms during
this Parliament at £4.7 billion per annum and investing a record £6.9 billion in science
capital from 2015 to 2021.</p><p> </p><p>[1] Haskel, Hughes and Bascavusoglu-Moreau
(2014) “The Economic Significance of the UK Science Base” <a href="http://sciencecampaign.org.uk/UKScienceBase.pdf"
target="_blank">http://sciencecampaign.org.uk/UKScienceBase.pdf</a>.</p><p>[2] Economic
Insight (2014) “What is the relationship between public and private investment in
science, research and innovation” <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/438763/bis-15-340-relationship-between-public-and-private-investment-in-R-D.pdf"
target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/438763/bis-15-340-relationship-between-public-and-private-investment-in-R-D.pdf</a>.</p><p>
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