So from April 2023, we’re going to do the same, and incentivise greater investment here at home.Įnough action to prove the hypothesis: we are making this country a science and technology superpower. We’re subsidising billions of pounds of R&D that isn’t even happening here in the United Kingdom.Īnd it puts us out of step with places like Australia, Canada, Hong Kong, Singapore, Switzerland and the USA, who have all focused their R&D tax reliefs on domestic activity.
Yet UK business investment was around half of that, at just £26bn. The second problem is this: Companies claimed UK tax relief on £48bn of R&D spending. We’ve just issued our second Green Bond, making us the third-largest issuer of sovereign green bonds anywhere in the world. Our ambitious Net Zero strategy is also an innovation strategy, investing £30bn to create the new, green industries of the future. Madam Deputy Speaker, there’s more to becoming a science superpower than just what the Government spends on R&D. Meet the full costs of associating with Horizon EuropeĮstablish the new Advanced Research and Invention Agency with £800m by 2025-26Īnd strengthen our focus on late-stage innovation, increasing Innovate UK’s annual core budget to £1bn, double what it was at the start of the Parliament Increase core science funding to £5.9bn per year by 2024-25, a cash increase of 37% How does 1.1% compare internationally? Well, the latest available data shows an OECD average of just 0.7%. Combined with those tax reliefs, total public investment in R&D is increasing, from 0.7% of GDP in 2018 to 1.1% of GDP by the end of the Parliament. The fastest increase ever.Īnd I can confirm for the House that this £20bn is in addition to the cost of our R&D tax reliefs. But in order to get there, and deliver on our other priorities, we’ll reach the target in 2026-27, spending, by the end of this Parliament, £20bn a year on R&D. I can confirm we will maintain our target to increase R&D investment to £22bn.
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