The UK government has committed to increasing investment in R&D in the UK from the current 1.7% of GDP to 2.4% by 2027, with a longer-term goal of 3%. This is an ambitious target that will require further public investment. But it will also need businesses to do more: that they invest in more R&D, conduct more R&D, and do more with that R&D.
The Academy has spoken to chief technology officers, chief engineers and, in some cases, chief executives responsible for business decisions about R&D at engineering companies across a range of sectors, sizes and locations, to find out which aspects of the current UK environment encourage or discourage further R&D and innovation. Interviews revealed numerous factors that influence their decisions on R&D investment and they broadly divide into two groups:
- Building on strengths – Areas where the UK is strong. These are the factors that drive companies to make R&D and innovation investments in the UK.
- Action needed – Areas where the UK performs poorly relative to competitor countries. Action here has the potential to transform how businesses invest in R&D.
Our report Increasing R&D investment business perspectives outlines present the findings of the interviews. The series of explainers below divide this report per topic covered.
The Academy has spoken to chief technology officers, chief engineers and, in some cases, chief executives responsible for business decisions about R&D at engineering companies across a range of sectors, sizes and locations, to find out which aspects of the current UK environment encourage or discourage further R&D and innovation. Interviews revealed numerous factors that influence their decisions on R&D investment and they broadly divide into two groups:
- Building on strengths – Areas where the UK is strong. These are the factors that drive companies to make R&D and innovation investments in the UK.
- Action needed – Areas where the UK performs poorly relative to competitor countries. Action here has the potential to transform how businesses invest in R&D.
Our report Increasing R&D investment business perspectives outlines present the findings of the interviews. The series of explainers below divide this report per topic covered.