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R&D spending among developed nations (click to enlarge)
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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