The Road to 2027: Mobilizing the science and innovation system to reach the UK's 2.4% R&D spending target

In the 2017 Industrial Strategy White Paper, the UK Government has set the target of spending 2.4 per cent of GDP in Research and Development (R&D) by 2027 and transforming the economy, aiming to reach three per cent in the longer term. It is an ambitious target and the likelihood of reaching it is rather small, but it can still be a successful strategy if one comes to the conclusion later on that it has dramatically shifted the R&D spending trend in the UK from 2017 onwards. 2.4% is not a particularly high score for a country like the UK that wants to be among the most technologically advanced and competitive economies of the OECD. The European Union first set a three per cent target back in 2002 and currently 12 of the 38 OECD countries spend above 2.4 per cent of GDP on R&D. Even China reached the same mark in 2020. The race is on and alive since R&D is a major source of scientific and technological knowledge and new knowledge is the raw material of innovation. Many of us believe that innovation will be key in dealing with matters that have structural effects across society and the economy like climate change, energy transition and digitalization which present both major challenges and huge economic opportunities over the coming decades.