Public spending on R&D increased by 9.2% in real terms between 2023 and 2024, according to figures from the Office for National Statistics.
Spending has risen through agencies such as UK Research and Innovation, alongside increased investment in public R&D across Civil Service departments, which grew by more than £1 billion since 2023. A notable part of that increase was defence R&D spending, which rose by 13.6% between 2023 and 2024.
Dr Joe Marshall, Chief Executive of the National Centre for Universities and Business, said:
“This real-terms increase in 2024 is a positive signal of the Government’s commitment to innovation-led growth. This is crucial for the UK’s prosperity and advancement.
“But in a more constrained global environment, how funding is used matters just as much as how much is invested. With limited headroom, every pound must work harder, with stronger prioritisation and a focus on long-term growth areas. A long-term commitment from Government also gives businesses the certainty to make their own investments in R&D.
“Long-term impact will depend on how effectively investment supports collaboration, business engagement and economic growth.”
