Research: Finance
The question
To ask the Secretary of State for Science, Innovation and Technology, with reference to paragraph 3.68 of the Autumn Budget 2024, published on 30 October 2024, HC 295, what steps he plans to take to monitor the potential impact of the £20.4 billion R&D investment on economic and R&D business growth; and how much of that funding he plans to allocate to each (a) sector and (b) research and innovation cluster.
Answered by Feryal Clark
R&D is fundamental to achieving the government’s mission of kickstarting economic growth. DSIT regularly monitors economic and R&D business growth indicators and requires monitoring and evaluation to be undertaken as a condition of its funding. At the Autumn Budget, DSIT was allocated £13.9bn for R&D in 2025/26. The Secretary of State will announce further details of how this funding will be allocated in due course.
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