The UK competes for R&D investment in a global market – some 58% of private R&D investment comes from overseas companies. To achieve the Government’s aspirations for research, the UK will need to attract greater investment from and partnerships with multinational firms.
R&D represents a major market opportunity for the UK. The top 1,000 R&D intensive businesses in the world spent over $781bn on R&D in 2017 alone. The UK is already competitive in terms of attracting a share of this investment into the UK, however competition is rising and the UK has stated a clear ambition to become a global science superpower.
Our R&D Taskforce recommended that the UK must act like a competitor to attract a greater share of global R&D investment. We are developing a number of proposals to support this, including calling for an R&D Foreign Direct Investment Strategy and new Global Collaboration Fund that encourages universities to collaborate and pool their strengths to attract investment from businesses in the UK and overseas.