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<p>The 2021 Spending Review set out the Government’s plan to increase public R&D
spending to £22 billion a year by 2026/27 and restates our target for UK economy-wide
R&D investment to reach 2.4% of GDP by 2027. Private investment forms around 2/3rd
of current activity, so it is only by working with innovative businesses and funders
from the private sector that we will reach 2.4%. The Innovation Strategy commits to
using levers such as procurement, better regulation and the identification of key
technologies as a means to create the conditions for private sector investment in
innovation across the country.</p><p> </p><p>We want to encourage businesses to invest
in local economies and communities. The Innovation Strategy also outlined our thinking
on how to grow innovation clusters, and to ensure that research and innovation benefits
the economy and society across the UK through both systemic and targeted measures
that respond to the varying needs of places. It announced £127 million in new investment
through the Strength In Places Fund. This fund has pioneered bringing together consortia
of diverse local actors, including business, to develop the R&D capabilities of
places across the UK to improve local economic growth. The Government is investing
over £300 million in 12 major projects in nations and regions across the UK, attracting
an additional £340 million of investment including from private firms.</p><p> </p><p>The
forthcoming Levelling Up White Paper will take a comprehensive place-based approach
to economic growth and will set out more detail on how the Government will support
levelling up through R&D.</p>
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