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Government lacks plan to meet 2.4% target, say MPs

The government does not know how it will achieve the target of increasing the UK’s R&D spend to 2.4 per cent of GDP, the House of Commons Public Accounts Committee has said.

The Department for Business, Energy and Industrial Strategy has not decided what the balance of public and private spending on research should be, and may end up paying more than it intended to meet the 2.4 per cent target, the committee concluded in a report released on 20 April.

In 2015 the UK’s spending on research was 1.68 per cent of GDP, and the government aims to increase this to 2.4 per cent by 2027. It has announced plans for an extra £7 billion of spending by 2021-22.

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