The Russell Group has urged the next UK Government to match the ambition shown by our international competitors with a long-term commitment to be a leader in the G7 in R&D investment, helping to harness the power of world-leading research-intensive universities and strengthen the UK’s economy and resilience.
Russell Group analysis shows that an additional £4 billion in public R&D funding per year by 2029/30 is needed to sustainably meet a commitment of at least 3% of GDP invested in R&D. A stretch target of 3.5%GDP investment in R&D by 2034 would bring the UK closer to competitors in the OECD.
There is cross-party consensus of the importance of R&D in driving national and regional growth, with Science Minister George Freeman suggesting there should be a new R&D investment target for the UK of 3.5% of GDP by 2033, and Labour calling for a long-term and strategic approach to R&D policy, including a ten-year funding settlement.
Russell Group analysis shows that to meet those ambitions, steady and predictable increases in public investment in R&D will be needed. This will leverage significant private investment and allow universities to work with partners to increase capacity and capabilities, advance knowledge, and position the UK as a global powerhouse in science and research from which everyone can benefit.
