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| Figures from the UK's National Audit Office (NAO) show that the UK ranks well below France, Germany, the US, Japan and Korea when it comes to R&D spending as a proportion of GDP. The European Union has set a target of 3% by 2020, and the BIS committee says that to achieve that it will be necessary to double central funding of the Innovate UK body to £1 billion per annum. Source: NAO. |
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