The Office for Students’ TRAC data shows that Government research spending is not funding 80% of full economic costs of research in the way it should. The UKRI is undertaking research into why this is the case. We welcome the Government’s increase in research and development funding over this Parliament, and commitment to retaining the real-terms value of QR-funding. The Department for Science, Innovation and Technology has also announced reforms to how research and development funding will be allocated into three buckets: of curiosity-driven foundational research; strategic government and societal priorities; and innovative companies. (Conclusion, Paragraph 50)