Budget begins to reveal how UK will hit research funding target

The UK chancellor, Philip Hammond, has pledged to extend spending on research as part of a drive to boost public and private R&D investment to 2.4% of GDP in the next 10 years. The aim is to reach similar levels of spending as other developed nations. Yesterday’s budget confirmed that the National Productivity Investment Fund, announced last year, would be expanded to provide a further £2.3 billion investment in R&D in 2021–22. Last year’s autumn statement had pledged an extra £4.75 billion for R&D over the next four years to 2021.