Autumn Budget 2021: Chancellor promises greater investment in infrastructure and R&D

Cash increase of 50% to annual R&D spending

Elliot Gulliver-Needham
clock • 1 min read

Chancellor Rishi Sunak promised large increases in infrastructure and research and development (R&D) spending, representing the largest ever increase in R&D spending.

The chancellor announced today the allocation the first round of bids from the Levelling Up Fund, giving £1.7bn to invest in the infrastructure of over 100 local areas. The fund is the first steps towards concrete movement from the government's Levelling Up strategy, will inlude £170m for Scotland, £120m for Wales, and £50m for Northern Ireland. Sunak also pledged a cash increase of 50% to annual R&D spending by the end of the current Parliament, to reach the government's target to increase R&D spending to £22bn by 2026/27. In addition, he announced a change to R&D tax relief rules...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week