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<p>We are increasing public investment in research and development investment by £4.7
billion over the period 2017-18 to 2020-21. This equates to an extra £2 billion per
year by 2020-21 and is an increase of around 20% to total government R&D spending,
more than any increase in any parliament since 1979.</p><p>We are creating the right
environment to incentivise private sector investment in R&D. Innovate UK currently
provides funding for research, development and demonstration projects and has funded
over 11,000 projects to date, with over 8,000 unique organisations involved.Through
Innovate UK, we have established a network of Catapult Centres to commercialise new
and emerging technologies and Catapults are forecast to attract total public and private
investment exceeding £1.6bn over their first five years of operation. R&D tax
credits encourage greater R&D investment by business and in the year ending 31
March 2015 almost 21,000 companies used the R&D tax credits to claim a total amount
of £2.45 billion, with R&D expenditure used to make these claims reaching £21.8
billion.</p><p>Science, Research and Innovation will be at the heart of our Industrial
Strategy and this Government has bold ambitions to increase R&D and back industries
of the future. Our commitment to reach R&D investment of 2.4% of GDP within ten
years and 3% in the longer-term is part of this.</p>
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