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BEIS reaffirms commitment to increased R&D spending

Securing a commitment to higher government funding for science and innovation was one of the “early breakthroughs” of the Department for Business, Energy and Industrial Strategy, according to BEIS secretary Greg Clark.

Writing in the foreword to BEIS’s annual report, Clark restated the department’s plans to boost R&D spending to 2.4 per cent of GDP within 10 years and to 3 per cent in the longer term. The target of exceeding the OECD average spend on R&D was included in the Conservative Party’s election manifesto in May.

“As a country we cannot afford to lag behind in the race for the future. That is why, looking further ahead, our target is now to match—and then exceed—the current level of R&D investment among advanced industrial nations,” said Clark.

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