Business and innovation
IOP response to government’s record R&D budget
14 March 2022
Such funds are crucial to unlock the potential of physics.
Responding to today’s announcement by government of plans for the largest ever research and development (R&D) budget of £39.8bn, IOP Director of Policy and Public Affairs, Tony McBride, said: “Today’s announcement on R&D spending from the UK government is a recognition of how important getting this right is to our economy and society.
“Public funding for R&D is vital for unlocking the potential of physics, which underpins 11% of GDP across key UK sectors and technologies, and more than one-third of business R&D.
“That’s why the IOP will shortly be launching its own national consultation to design our own blueprint on how to reach the 2.4% investment target, and how physics can contribute to achieving it.”