Research and Development (R&D) in the UK
The UK is home to world-class research and development (R&D) facilities and institutions that are engaged in cutting-edge research in a range of fields, from technology and science to engineering and medicine. The government invests heavily in R&D every year, with a particular focus on innovation and the commercialization of research to drive economic growth and ensure the UK remains competitive on the global stage.
In recent years, the UK has made significant efforts to attract and retain talent in the field of R&D. This includes initiatives such as the Research and Development Roadmap, which outlines the government’s plan to increase R&D spending to 2.4% of GDP by 2027, and the Global Talent Visa, which allows exceptional researchers and scientists to come to the UK to work and conduct research.
The COVID-19 pandemic has placed a renewed focus on R&D in the UK, with government funding being directed towards research into vaccines, treatments, and diagnostics for the virus. This has led to breakthrough developments such as the Oxford-AstraZeneca vaccine and new treatments that have the potential to save lives and transform the way we manage the pandemic.
Overall, the UK’s R&D sector is a vital component of the country’s economy, driving growth and innovation across a range of industries and sectors. Its reputation for producing world-class research is well established and looks set to continue in the years to come.
Qualifying R&D expenditure
FRS 102 defines ‘research’ as ‘original and planned investigation undertaken with the prospect of gaining new scientific or technical knowledge and understanding’. ‘Development activity’ is defined as ‘the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use’.