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GovGrant calls for more R&D investment

GovGrant has called for more investment into research and development (R&D) as the latest figures show the UK is well behind its competitors.

The latest R&D figures from Eurostat [Estimates of Research & Development expenditure, show the UK was ranked 11th among EU member states for R&D expenditure in 2017.

Luke Hamm, chief executive of innovation tax credits specialist GovGrant, said: “The UK needs to significantly up its R&D spend in the post-Brexit world.

“Between 2007 and 2017, the UK’s spending on R&D as a percentage of GDP has barely moved, from 1.62% to 1.67%, well behind our major competitors.

“The Government’s industrial strategy aims to rectify this underinvestment, but the target of investing 2.7% of GDP in innovation by 2027 is not nearly enough. The Eurostat figures show that Sweden, Austria, Denmark and Germany are already investing above 3.0% of GDP on R&D, and the UK is well below the EU average of 2.07%.”...