Public spending needed to boost overall R&D investment, says NCUB
Analysis conducted by NCUB estimates that every £1 of public money spent on R&D generates £0.60 to £1.10 of private R&D investment in the short term, and between £3.09 to £4.02 in the long term.
The NCUB has called on the UK government to increase its spending on R&D to help boost overall investment.
The analysis, published in the NCUB report ‘Unlocking growth: The impact of public R&D spending on private sector investment in the UK’, suggests that the impact of public R&D investment on private sector spend is higher than previously anticipated.
Rosalind Gill, head of policy and engagement at the National Centre for Universities and Business (NCUB), said: “The power of investing in UK research simply cannot be underestimated and the UK must remain competitive to drive economic growth and prosperity. Only by fostering an environment conducive to research, innovation and collaboration, can the UK maintain its position as a major economic player, driving prosperity and opportunity.”
“Research and innovation must be at the heart of the UK’s growth plan or we risk slipping behind other nations. Businesses are by far the largest investors in UK research, spending close to £50bn annually – however levels of business R&D investment in the UK has dropped in recent months despite growing in other countries. The government must commit to long-term, globally competitive rates of public funding for research, as well as work with all stakeholders – businesses, universities, and charities to create a powerful and attractive environment to research, collaborate and innovate.”

We hope you enjoyed this article.
Research Live is published by MRS.
The Market Research Society (MRS) exists to promote and protect the research sector, showcasing how research delivers impact for businesses and government.
Members of MRS enjoy many benefits including tailoured policy guidance, discounts on training and conferences, and access to member-only content.
For example, there's an archive of winning case studies from over a decade of MRS Awards.
Find out more about the benefits of joining MRS here.
0 Comments