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.”

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