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The commitment by the UK Government to work with industry to boost spending on R&D to 2.4% of GDP by 2027 has been welcomed by the head of UK Research and Innovation. 

Speaking after the announcement was made by the Prime Minister, Sir Mark Walport, Chief Executive designate of UK Research and Innovation said:

"I am delighted that the Government has set this ambitious target to increase both public and private R&D spending. Only by taking bold steps like this can we make sure that the UK maintains its world leading status in research and innovation. 

"Meeting this commitment will require a concerted effort. UK Research and Innovation is already developing ideas as part of the industrial strategy to make sure these investments have the greatest possible impact. We will continue to work with Government, industry and academia to make this goal a reality, helping to drive up productivity and improve living standards."

Today's announcement builds on the Government's £4.7 billion commitment announced in the 2016 Autumn Statement to capitalise on the UK's status as a world leader in research and development. Reaching this target could increase public and private R&D investment by as much as £80 billion over the next 10 years. Government will start by making an extra investment of £2.3 billion in 2021-22, raising total public investment in R&D to £12.5 billion that year alone.

Further information

• For more information on the Prime Minister’s announcement read the press release (on GOV.UK website)