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<p>The Spending Review will consider all public investments in the round.</p>Research
funding, including Medical Research Council funding, is allocated following nation-wide
competitive and academic peer review processes, where scientific excellence is the
core assessment criteria.<p> </p><p>Since 2016, Government has committed an additional
£7bn for R&D by 2021-22 – the largest increase for 40 years, which supports the
government target of increasing economy-wide R&D investment to 2.4% of GDP by
2027. To support innovation-led growth across the whole of the UK, Autumn Budget 2018
backed local initiatives to nurture R&D strengths by doubling the Strength in
Places Fund to £235m.</p>
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