We have set ourselves the target of at least 2.4% of GDP being spent on R&D by 2027. This was supported by the unprecedented commitment at the Budget to increase public investment in R&D to £22 billion a year by 2024-25.
This figure covers all R&D spending across government. The allocation of the spend to particular departments and programmes will be confirmed at the Spending Review, later in the year.
On Friday 29th May we announced allocations to BEIS partners and programmes for 2020-21. UKRI will confirm allocations to individual research councils in due course.