Treasury written question – answered am ar 17 Rhagfyr 2018.
Liam Byrne
Shadow Minister (Digital, Culture, Media and Sport) (Digital Economy)
To ask the Chancellor of the exchequer, what estimate he has made of UK expenditure on research and development as a proportion of GDP in 2017-18; and how that level of expenditure compares to (a) other G7 countries and (b) the EU.
Elizabeth Truss
The Chief Secretary to the Treasury
The latest ONS data estimates that overall gross R&D expenditure in the UK was £33.1bn in 2016, which was 1.7% of GDP in that year. 2017 data is due to be released in March 2019. The latest OECD international comparison of R&D expenditure ranked the UK 5th in the G7 and 10th among EU nations in 2016.
Yes0 people think so
No0 people think not
Would you like to ask a question like this yourself? Use our Freedom of Information site.
The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
