Rachel Reeves faces pressure from the Confederation of British Industry (CBI) to boost government spending on research and development (R&D) to £30 billion by 2030, equating to 3.4% of GDP. This proposed investment, an increase from current spending, is seen as essential for the UK to maintain competitiveness with global innovation leaders like the US. The CBI emphasizes the role of increased public R&D funding in attracting private investment, suggesting a multiplier effect of private funding. Amid growing geopolitical tensions, defence research investment is similarly on the rise, necessitating strong public-private collaboration in the R&D sector.
Rachel Reeves is under pressure to ramp up government spending on research and development (R&D) to £30 billion by the end of the decade.
The CBI argues that such an investment would help the UK compete with high-innovation economies such as the United States.
Boosting R&D expenditure would "crowd in" private sector investment, with estimates suggesting that every £1 of public spending could attract up to £5 of private funding.
Investment in defence research and innovation is already on the rise, with an extra £6 billion per year committed to meeting the government's 2.5% GDP defence spending target.
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