The UK is likely to miss its target of spending 2.4 per cent of gross domestic product on research and development by 2027, analysts have warned, as funding cuts cast doubt on a key pillar of the government’s strategy to rebuild the post-pandemic economy.
A study published by the Higher Education Policy Institute on Monday showed that governments consistently fail to hit R&D targets linked to GDP and suggested economic uncertainty and progress so far showed the UK was on course to do the same.
The warning comes as UK Research and Innovation, which oversees government research funding, informed universities that cuts to overseas development funding meant its budget for international development research would decrease to £125m, “leaving a £120m gap between allocations and commitments”.
It casts doubt on the government’s ability to make good on promises to increase UK R&D investment from 1.71 per cent of GDP in 2020 to 2.4 per cent by 2027, bringing it in line with the…