The government has a target of 2.4% of GDP to be spent on research and development.32 To encourage this investment, HMRC administers tax reliefs to companies via two schemes – one for large companies and one for small and medium-sized enterprises. HMRC said that the scale of the schemes is growing all the time. HMRC said that it has published research that demonstrates that the two schemes increase research and development investment, albeit marginally for small and medium-sized enterprises. While this research demonstrates what additional research and development activity was stimulated, it does not quantify the benefit to the UK economy.33 26 Qq 47–49; C&AG’s report, para 7 27 Qq 58, 66 28 Qq 30, 47–48, 51, 55 29 Q 51 30 Q 60 31 Q 64 32 Q 96 33 Qq 103–106 HMRC performance in 2021–22 15