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ONS says UK R&D may be worth far more than currently estimated

By May 7, 2024No Comments

Early findings from a revamped Office for National Statistics survey published suggest that the value of research and development undertaken in Britain each year could be more than 20% higher than estimates currently show.

According to the redeveloped Business Enterprise Research and Development Survey, R&D expenditure in 2022 amounted to £53 billion pounds, compared with an existing estimate of £43.4 billion pounds – an increase of 22%.

Recent data from the Organisation for Economic Co-operation and Development (OECD) suggested that in 2022, the UK ranked last among its G7 counterparts for gross fixed capital formation, however, the latest ONS release suggests that the UK may in fact be better off than the OECD indicated – assuming Britain’s counterparts do not implement similar changes to their own measurement of R&D.

The ONS said it will not be able to establish the full impact of the new R&D estimates until it undertakes an annual stock-take of the British economy in 2025.

Ben Kemp