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The path to the 2.4% R&D target is getting steeper


Latest data show investment has not kept pace with the government’s goal, says Rosalind Lowe

The pandemic has cast the government’s 2017 pledge to raise total R&D spending to the equivalent of 2.4 per cent by 2027 in a new light.

The target, and the goal of a further increase to 3 per cent in the longer term, have become key tests of the government’s stated intention to place research and innovation at the centre of its plans for recovery and growth. Businesses across the economy, meanwhile, are realising that investing in research and development will be essential to remaining competitive and ‘building back better’ in a fast-changing world. 

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