Research: Expenditure
The question
To ask the Secretary of State for Science, Innovation and Technology, whether his Department has set a target for research and development expenditure in 2030.
Answered by Feryal Clark
Departmental budgets are currently set up to the end of financial year 2025/26. The government is currently in the middle of a Spending Review, which will set out the government’s spending plans for R&D through to 2029/30. This will conclude in June 2025.
At the Autumn Budget 2024, the Chancellor confirmed that total HMG investment in R&D is rising to a record allocation of £20.4bn in 2025/26. As part of this, DSIT's R&D budget is rising to £13.9bn for the 2025/26 financial year.
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