The Science and Technology Committee commissioned the National Audit Office (NAO) to review Research and Development funding for science and technology in the UK: the NAO’s report is published today.The NAO found that:
- Between 1995 and 2011, overall annual spending on R&D increased in real terms by 37% (from just under £20 billion to just under £27 billion) and most of this growth was driven by UK businesses. However, spending declined between 2007 and 2010.
- Between 1995 and 2011, the Government has progressively reduced the amount it spends on undertaking R&D itself through public research institutions but, at the same time, has increased the funding it provides to UK businesses.
- UK business R&D spending is concentrated in a small number of very large firms, with the pharmaceuticals sector accounting for 28% of total UK business R&D spend. This sector is a key driver of innovation but the UK’s reliance on the sector is also a risk.
- The UK receives a significant amount of R&D funding from the European Commission: between 2007 and 2013 the UK will have received around £4 billion from the Seventh Framework Programme.
Read the full article from www.parliment.uk by clicking here.