Research and Development spend
The Office for National Statistics (ONS) has revealed that UK businesses spent £25 billion on Research and Development (R&D) in 2018.
Data from the ONS showed that total R&D expenditure increased from £23.7 billion in 2017 to £25 billion in 2018.
The report showed:
- the aerospace industry saw the largest increase in R&D expenditure with a total spend of £210 million
- the UK telecoms sector also experienced fast growth in R&D spending, increasing by 25.4% in 2018 to £192 million.
According to the ONS, the government's funding of R&D amounted to £1.7 billion in 2018, which accounted for 6.9% of all R&D expenditure. The data revealed that machinery, equipment and shipbuilding were the biggest beneficiaries from government funding.
Internet link: ONS reports