Increasing the UK's investment in R&D to 2.4% of GDP
The UK Government has put research and innovation at the heart of its Industrial Strategy, setting an ambition for the UK to become the most innovative country in the world and increase its total R&D expenditure to 2.4% of GDP by 2027. Increasing investment in R&D to 2.4% of GDP (from 1.7% in 2016) in a decade is ambitious, but we know it is achievable. Reaching the target will require concerted effort by both Government and business.
UK Research and Innovation (UKRI) will work with Government to develop a plan for meeting this target, maximising the impact of public investment in research and innovation, and supporting business and other partners to invest more.
The breadth and diversity of UKRI’s councils position us well as an organisation to rise to the challenge of delivering a major contribution to the ambition to increase the UK’s economy wide investment in R&D to meet the target. Over the coming years, UKRI will shape its priorities to contribute to the delivery of the 2.4% target, working together with partners across the UK. From universities and businesses, to charities, innovation and enterprise organisations and public sector bodies, an R&D-intensive economy that brings benefits across the UK and beyond must have a research and innovation landscape that works for all.