The UK government must spend an additional £4 billion a year on research to meet its long-term commitment on science investment, the Russell Group has said.
Drawing on new analysis, the group of research-intensive universities said the extra science spending was required if ministers were to achieve its aim of spending at least 3 per cent of gross domestic product on research and development by 2029-30.
That would bring total public R&D spending to £24 billion, up from £20 billion in 2024-25, with the extra public spending likely to attract some £4 billion in private investment, said the group.
It also called on all political parties to commit to a stretch target of investing 3.5 per cent of GDP in R&D by 2034, which would bring the UK closer to competitor countries, such as the US, Germany and South Korea.
