Goals-based R&D policy: high popularity, low effectiveness – What is the likelihood of the UK reaching its target of spending 2.4% of GDP on R&D by 2027?

Abstract

Improving innovation and economic growth is a major concern of governments and they promote expenditure on R&D as a means to achieve that end. By setting R&D intensity goals, governments express their belief in R&D as a main driver of progress and change in a knowledge-based economy. It represents the awareness about the importance of knowledge in today’s competitive environment and the understanding by policymakers that a country needs to reach (even overcome) a certain level of R&D expenditure (as a percentage of GDP), particularly the business sector (BERD) but also universities (HERD) and other R&D performing sectors.