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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.”