Fifty-Sixth Report - Industrial Strategy Challenge Fund
Select Committee
Public Accounts Committee
HC 941
30 April 2021
Government response
Treasury minutes: Government response to the Committee of Public Accounts on the Fifty-sixth report from Session 2019-21 · published 2 Sep 2021
Recommendations & Conclusions
3 results
9
Conclusion
Rejected
The government has a target to increase the UK’s public and private investment in R&D...
Conclusion
The government has a target to increase the UK’s public and private investment in R&D to 2.4% of gross domestic product by 2027. The Fund contributes to this target.24 In 2018, the most recent year for which data are available, …
Read more
Government Response Summary
The government explicitly rejects the implied recommendation to aim above the 2.4% GDP target for R&D investment. They reaffirm their commitment to achieving the 2.4% target by 2027 through increased public investment and a forthcoming innovation strategy to leverage private sector funds.
HM Treasury
View Details
10
Recommendation
Rejected
In 2019, the Department announced that to achieve government’s target of 2.4% both public and...
Recommendation
In 2019, the Department announced that to achieve government’s target of 2.4% both public and private R&D investment would need to rise to around £60 billion.26We asked witnesses how, and by when, it was going to increase funding to meet …
Read more
Government Response Summary
The government disagrees with the recommendation to detail how and when funding will increase to meet the 2.4% R&D target, stating it has already committed to raising public investment and is developing an innovation strategy, with further plans to be set out in Spending Review 2021.
HM Treasury
View Details
11
Conclusion
Rejected
UKRI considered that meeting the target as very challenging but also described it as plausible...
Conclusion
UKRI considered that meeting the target as very challenging but also described it as plausible if it could, for example, maintain the momentum the Fund had generated around private investment. It asserted that having an ambitious target was important “otherwise, …
Read more
Government Response Summary
The government disagrees with the Committee's implied concern regarding the feasibility of the R&D spending target, stating its commitment to increasing R&D investment to 2.4% of GDP and outlining ongoing efforts, including a forthcoming innovation strategy, to achieve this goal.
HM Treasury
View Details