Dedicating resources to research and development is key to enabling innovation and the UK economy sits well below the OECD average, 1.7 per cent of GDP is spent on R&D in the UK compared to an average of 2.4 per cent across the OECD. Both the Conservative government and the opposition have set out targets to increase R&D spend as a proportion of UK GDP – up to 2.4 per cent by 2027 and 3 per cent by 2030 respectively.
This briefing note outlines how much public investment may be needed to reach these ambitions. Evidence suggests that public R&D has the potential to ‘crowd-in’ additional private R&D spending, particularly if that spending is ‘mission-based’. We factor in this crowding-in assumption to our modelling, assuming an additional £1 crowds in £1.60 over the decade that follows.
Snakes and ladders: Tackling precarity in social security and employment supportAcross the country, people are trying to make ends meet, build financial security and pursue their aspirations. But, in a vicious cycle of snakes and ladders, many are being pulled down into poverty.
Making markets: The City's role in industrial strategyTo tackle climate change, we need a significant increase in public and private capital investment.
Broken hearted: A spotlight paper on cardiovascular diseaseProgress on cardiovascular disease was a significant driver of better health and prosperity in the latter half of the 20th century, however progress has recently stalled – with indications it may be in reverse.