R&D to be getting an extra £2bn by 2020/21 and innovation and infrastructure to get £23bn investment package over the next 5 years.
During his Autumn Statement speech, Chancellor Philip Hammond announced a whole new package of £23bn for investment in innovation and infrastructure with investment in R&D (Research and Development) to reach £2bn by 2020/21. The Chancellor also pledged more than £1bn for investment in broadband and 5G in the UK.
The Chancellor highlighted the productivity gap between the UK and other major EU nations, saying that the UK needed to become more productive, and that the plans he announced today were part of his measures to try and ensure that.
The government has also announced that this new investment in R&D will ensure that funding for research grants will increase significantly, allowing businesses and universities in the UK to be at the forefront of worldwide innovation.