Momentum, a think tank, is pushing the government to significantly boost research and development (R&D) spending, aiming to double the current investment. This call comes as the UK government has committed to increasing R&D expenditure to 2.4% of GDP by 2027, with public R&D spending set to rise from £9 billion to £22 billion by 2024-25. The UK’s current R&D spending is around 1.7% of GDP, lagging behind countries like Germany and the US.
Proponents argue that increased R&D investment would drive innovation, economic growth, and competitiveness. They suggest focusing on regional innovation systems, upskilling, and demand-led commercialization to promote inclusive growth. The UK’s R&D landscape is dominated by businesses, which invested £25 billion in 2018, representing over two-thirds of total R&D funding.
