R&D is vital for the UK’s future prosperity yet this Government have cut funding  – Long-Bailey

Rebecca Long Bailey MP, Shadow Secretary of State for
Business, Energy and Industrial Strategy, commenting on the Government’s
announcement of Industrial Strategy Challenge
Fund investments, said:

“This
is simply a re-commitment of R&D funding announced at last year’s Autumn
Statement.

“R&D
is vital for the UK’s future prosperity yet this Government have cut funding
since 2010  and the UK remains significantly behind the OECD average of
2.4% of GDP in public and private investment in R&D.

“Labour
is committed to bringing the UK in line with our international counterparts and
will raise total public and private investment in R&D to 3% of GDP.”

Ends