{"value":{"id":1750168,"askingMemberId":1171,"askingMember":null,"house":"Commons","memberHasInterest":false,"dateTabled":"2024-12-16T00:00:00","dateForAnswer":"2024-12-19T00:00:00","uin":"20147","questionText":"To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the planned £20.4 billion of research and development spending on (a) economic growth, (b) the national investment rate and (c) crowding in of private investment.","answeringBodyId":14,"answeringBodyName":"Treasury","isWithdrawn":false,"isNamedDay":true,"groupedQuestions":[],"answerIsHolding":false,"answerIsCorrection":false,"answeringMemberId":4621,"answeringMember":null,"correctingMemberId":null,"correctingMember":null,"dateAnswered":"2024-12-19T00:00:00","answerText":"<p>At Autumn Budget 2024, the government protected R&amp;D by allocating £20.4bn to support its missions, including the growth mission. Recent Department for Science, Innovation and Technology published research has found an average rate of return to public R&amp;D of 40% after 6 years from when the investment is made<strong> [1]</strong>. The government’s investment will also boost business investment in R&amp;D. Although estimates of the impact on private investment vary, on average £1 of public R&amp;D investment leverages around £2 of private R&amp;D investment in the long run<strong> [2]</strong>. The Office for Budget Responsibility is responsible for modelling the impact of government policy on the economy.</p><p>[1] <a href=\"https://www.gov.uk/government/publications/returns-to-public-research-and-development#:~:text=The%20study%20finds%20an%20average,productivity%20worth%20%C2%A340%20million.\" target=\"_blank\">Returns to Public Research and Development - GOV.UK</a></p><p>[2] <a href=\"https://www.gov.uk/government/publications/research-and-development-relationship-between-public-and-private-funding\" target=\"_blank\">Research and development: relationship between public and private funding - GOV.UK</a></p><p> </p>","originalAnswerText":"","comparableAnswerText":"","dateAnswerCorrected":null,"dateHoldingAnswer":null,"attachmentCount":0,"heading":"Research: Finance","attachments":[],"groupedQuestionsDates":[]},"links":[{"rel":"self","href":"/Questions/1750168","method":"GET"}]}