To ask the Secretary of State for Science, Innovation and Technology, whether she has made an assessment of the potential merits of setting a target for GDP invested in research and development.

In 2017, the Government committed to a target of increasing UK economy-wide investment in R&D to 2.4% of GDP by 2027, and 3% in the longer-term.

Last year, the Office for National Statistics (ONS) updated its methodology for capturing R&D performed in small businesses and higher education institutions throughout the UK. This has not yet been incorporated into calculations of GDP, and so an official estimate of UK R&D expenditure as a proportion of GDP under the new methodology is not yet available. However, on this revised basis, DSIT estimates R&D investment would have been between 2.8% and 2.9% of GDP for 2021. Government remains committed to public R&D expenditure reaching £20bn for 24/25, a record level.