UK chancellor commits to ringfencing £20bn R&D budget

Autumn statement includes sweeping changes to R&D tax credits and continued freeze on aid spending

Chancellor Jeremy Hunt has committed to ringfencing the UK’s R&D budget in his autumn statement, which also included sweeping changes to R&D tax credits and a prolonged freeze on aid spending.

There has been widespread concern that the government would abandon its spending review commitment to increase R&D spending to £20 billion a year by 2024-25 to help plug the estimated £55bn financial “black hole”.