Research: Finance

Department for Business, Energy and Industrial Strategy written question – answered on 9th April 2019.

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Photo of Chris Green Chris Green Conservative, Bolton West

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure that additional funding for the research and development sector is allocated to building the capacity of that sector.

Photo of Chris Skidmore Chris Skidmore Vice-Chair, Conservative Party, Minister of State (Department for Business, Energy and Industrial Strategy) (Universities and Science) (Joint with the Department for Education)

As part of the Government’s commitment to increase overall investment in R&D to 2.4% of GDP by 2027, which would be the highest recorded level, and 3% in the longer-term. We are building capacity in a number of ways.

For example, we are boosting capacity in artificial intelligence through new AI Masters and AI Centres for Doctoral Training, delivering 1,000 additional PhDs in AI and Turing AI Fellows.

We are also boosting capacity in specific places across the UK, building on R&D strengths through our Strength in Places Fund. Twenty-four ambitious projects from pharmaceuticals to aerospace, and transport to the creative economy, are to receive early-stage funding to develop full-stage bids that could lead to significant economic growth in places across the country.

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