Britain is falling behind rivals such as the US and Germany with poor investment in research and development
The UK is falling behind its competitors in research and development investment, is the message from the cross-party Science & Technology committee.
In a report out today, the group warns that the government will put competitiveness, productivity and jobs at risk if it does not set out a clear plan to increase science funding in the Spending Review.
The committee is calling for the government to increase spending on science in the public and private sectors to three per cent of GDP, in line with EU targets.
At present spending is equivalent to 1.7 per cent of GDP, well blow the OECD average of 2.4 per cent, and behind the 2.8 per cent and 2.9 per cent spent by the US and Germany.
Committee chair Nicola Blackwood said: “Spending on science and innovation is not a state subsidy, it is a strategic investment that creates jobs, increases productivity and attracts inward investment.
“The UK risks losing its status as a world leader in research if the Treasury does not make a long-term commitment to increase funding.”