Public investment R&D rose in 2024

New figures from the Office for National Statistics send an important signal about the Government’s commitment to research and development as a driver of UK growth and prosperity.

Public spending on R&D increased by 9.2% in real terms between 2023 and 2024.

Spending has risen through agencies such as UK Research and Innovation, alongside increased investment in public R&D across Civil Service departments, which grew by more than £1 billion since 2023. A notable part of that increase was defence R&D spending, which rose by 13.6% between 2023 and 2024.

Responding, Dr Joe Marshall, Chief Executive of NCUB, said: “This real-terms increase in 2024 is a positive signal of the Government’s commitment to innovation-led growth. This is crucial for the UK’s prosperity and advancement.”

Dr Marshall continued: “But in a more constrained global environment, how funding is used matters just as much as how much is invested. With limited headroom, every pound must work harder, with stronger prioritisation and a focus on long-term growth areas. A long-term commitment from Government also gives businesses the certainty to make their own investments in R&D.”

Dr Marshall concluded: “Long-term impact will depend on how effectively investment supports collaboration, business engagement and economic growth.”