Research: Finance

Department for Business, Energy and Industrial Strategy written question – answered on 29th November 2018.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Department for Business, Energy and Industrial Strategy) (Industrial Strategy)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the accuracy of the estimate made by the Campaign for Science and Engineering that R&D funding will require an additional £9 billion a year by 2027 to meet the target of 2.4 per cent of GDP investment across the economy by that year.

Photo of Sam Gyimah Sam Gyimah Minister of State (Business, Energy and Industrial Strategy) (Higher Education), Minister of State (Education)

The Government welcomes the contribution of organisations such as the Campaign for Science and Engineering to the public debate.

The CaSE estimates set out a possible scenario for moving towards the 2.4% R&D ambition; though there are a number of assumptions and uncertainties in any such assessment.

The figures presented by CaSE also highlight the role that increased private sector investment will need to play in meeting this challenge, and we are working with industry on our roadmap to meet the target.

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