PRESS RELEASE: No.10 Announces More Money for R&D and City Transport
No.10 announces more money for R&D and city transport: part of the industrial strategy and productivity agenda
The Prime Minister has just announced extra funding for R&D and city transport in advance of the Budget and also publication of the Industrial Strategy White Paper next week. There is a commitment to work with industry to boost spending on R&D to 2.4 per cent of GDP by 2027, which could increase public and private R&D investment by as much as £80 billion over the next 10 years. Ministers will start by making an extra investment of £2.3 billion in 2021/22, raising total public investment in R&D to £12.5 billion that year alone. They have also launched a £1.7 billion Transforming Cities Fund to improve transport links and strengthen local growth within city regions, This includes £250 million for better transport in the West Midlands.